ATS Medical shareholders OK Medtronic takeover

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ATS Medical's shareholders have approved the acquisition by Minneapolis-based Medtronic for $370 million.

According to the heart valve developer ATS, an estimated 64.22 million shares were voted on in a shareholders meeting Aug. 5, which represented 78.9 percent of its total outstanding voting shares as of the July 2 record date. Of the 64.22 million shares voted on, almost 61.29 million shares were voted in favor of the merger agreement. These votes represented 95.5 percent of the shares voted on and 75.3 percent of the outstanding shares as of July 2.

ATS, which is also based in Minneapolis, said that it did not receive notice of intent to exercise dissenter’s rights from any holders of stock as of the July 2 record date. In addition, as outlined in the April 28 agreement and plan of the merger between ATS, Medtronic and Pilgrim Merger, shares may be subject to decrease.

After the acquisition was initially announced, there were reports from several law offices that ATS was under investigation for potentially breaching its fiduciary duty, but this approval negates those reports.