Bayer HealthCare affiliate Medrad has completed its tender offer for the outstanding shares of Possis Medical common stock.
Shares of the Minneapolis-based Possis were validly tendered in the offer and not withdrawn which, together with more than 700,000 shares to be tendered under guaranteed delivery procedures, represents approximately 92 percent of its outstanding common stock, Medrad said, through its subsidiary Phoenix Acquisition.
Last month, the Leverkusen, Germany-based Bayer reported its offering of $19.50 per share cash for Possis, was valued at approximately $361 million.
The Philadelphia-based Medrad, through its subsidiary Phoenix Acquisition, said it has accepted for purchase all shares that were validly tendered in the offer.
Possis supplies mechanical thrombectomy devices, which are used to treat narrowed or blocked blood vessels, and employees about 280 staff members.