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Bayer HealthCare Affiliate MEDRAD Successfully Completes Tender Offer for Shares of Possis Medical; Announces Subsequent Offering Period
Date:3/26/2008

Subsequent Offering Period Expires on Tuesday, April 1, 2008

LEVERKUSEN, Germany, and PITTSBURGH, Pennysylvania, March 26 /PRNewswire-FirstCall/ -- Bayer HealthCare affiliate MEDRAD, Inc. announced today that it has successfully completed its tender offer for the outstanding shares of common stock of Possis Medical, Inc. (Nasdaq: POSS). The depositary for the offer has advised MEDRAD that, as of the expiration of the offer at 5:00 p.m., New York City time, on Tuesday, March 25, 2008, a total of 14,951,550 Possis Medical shares were validly tendered in the offer and not withdrawn which, together with 715,141 shares to be tendered under guaranteed delivery procedures, represents approximately 92.0 percent of the outstanding common stock of Possis Medical. Shares to be tendered under guaranteed delivery procedures are required to be delivered by Friday, March 28, 2008. MEDRAD, through its wholly owned subsidiary Phoenix Acquisition Corp. has accepted for purchase all shares that were validly tendered in the offer.

MEDRAD also announced that Phoenix Acquisition Corp. has commenced a subsequent offering period for all the remaining untendered shares that will expire at 5:00 p.m. New York City time, on Tuesday, April 1, 2008. During this subsequent offering period, Possis Medical shareholders who have not tendered their shares into the offer may do so and will promptly receive US-Dollar 19.50 per share, net to the seller in cash, without interest thereon and subject to reduction for any applicable withholding taxes. Shares tendered during the subsequent offering period may not be withdrawn.

About MEDRAD

MEDRAD, Inc. is a worldwide leading provider of medical devices and services that enable and enhance imaging pr
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SOURCE Bayer HealthCare
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