Navigation Links
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on Tuesday, March 25, 2008, a total of 14,951,550 Possis Medical shares were validly tendered in the offer and not withdrawn which, together with 715,141 shares to be tendered under guaranteed delivery procedures, represents approximately 92.0 percent of the outstanding common stock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 Shares tendered during the subsequent offering period may not be withdrawn.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 procedures of the human body. Used in diagnostic imaging, MEDRAD's product offerings include a comprehensive line of vascular injection systems, magnetic resonance (MR) surface coils and patient care products, and equipment services. Total 2007 revenues were US-Dollar 525 million. MEDRAD is a 2003 recipient of the Malcolm Baldrige National Quality Award, the top honor a U.S. company can receive for quality and business excellence. The company's world headquarters is near Pittsburgh, Pennsylvania, in the United States. MEDRAD is an affiliate of Bayer AG and employs over 1,700. More company information is available at http://www.MEDRAD.com.

About Possis Medical

Possis Medical develops, manufactures and markets pioneering medical devices for the large and growing cardiovascular and vascular treatment markets. The Company's AngioJet System is the world's leading mechanical thrombectomy system with FDA approval to remove large and small thrombus from coronary arteries, coronary bypass grafts, peripheral arteries and veins, A-V grafts and native fistulas.

About Bayer HealthCare

Bayer AG is a global enterprise with core competencies in the fields of health care, nutrition and high-tech materials. Its subgroup Bayer HealthCare is one of the world's leading, innovative companies in the healthcare and medical products industry and is based in Leverkusen, Germany. The company combines the global activities of the Animal Health, Consumer Care, Diabetes Care, and Pharmaceuticals divisions. The Pharmaceuticals division comprises the following business units: Women's Healthcare, Diagnostic Imaging, Specialized Therapeutics, Hematology/Cardiology, Primary Care, and Oncology. The company's aim is to discover and manufacture products that will improve human and animal health worldwide. The products enhance well being and quality of life by diagnosing, preventing and treating diseases.

Bayer Schering Pharma is a worldwide leading specialty pharmaceutical company. Its research and business activities are focused on the following areas: Diagnostic Imaging, Hematology/Cardiology, Oncology, Primary Care, Specialized Therapeutics and Women's Healthcare. With innovative products, Bayer Schering Pharma aims for leading positions in specialized markets worldwide. Using new ideas, Bayer Schering Pharma aims to make a contribution to medical progress and strives to improve the quality of life. Find more information at http://www.bayerscheringpharma.de.

Forward-Looking Statements

This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer Group or subgroup management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer's public reports which are available on the Bayer website at http://www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Contact Details

Bayer HealthCare

Oliver Renner, Tel: +49-30-468-12431

Head Global Public Relations & Public Affairs

oliver.renner@bayerhealthcare.com

MEDRAD

Luanne Radermacher, Tel: +1-724-940-7968

Director, Corporate Affairs

lradermacher@medrad.com


'/>"/>
SOURCE Bayer HealthCare
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Bayer HealthCare Pharmaceuticals Introduces VistaTrak(TM) an Innovative Contrast Media Management System
2. Accelerated Community Oncology Research Network, Inc. (ACORN), Initiates a Phase 2b Metastatic Breast Cancer Trial in Cooperation With Bayer and Onyx
3. Bayer HealthCare Affiliate MEDRAD and Possis Medical Sign Definitive Merger Agreement
4. Indevus Comments on Bayer Healthcare Discontinuation of Viadur(R)
5. Pfizer, Genentech, Amgen, Bayer, Wyeth, Abbott, Merck and Additional Leading Pharmaceutical Companies Participating During ExL Pharmas Fall Line Up!
6. Bayer CropSciences Vegetable Seed Business Nunhems Acquires US Lettuce Seed Company Paragon Seed
7. LUMEDX Updates Real-Time Patient and Resource Scheduler for Healthcare Systems
8. Caliper Life Sciences to Present at Lehman Brothers Global Healthcare Conference
9. Misys and Allscripts Create a Leader in Healthcare Software
10. Angiotech to participate in Lehman Brothers Healthcare Conference
11. Kendle to Present at the Lehman Brothers Eleventh Annual Global Healthcare Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/25/2016)... ... May 25, 2016 , ... WEDI, the nation’s leading authority on the use ... W. Stellar has been named by the WEDI Board of Directors as WEDI’s president ... executive leader with more than 35 years of experience in healthcare, association management and ...
(Date:5/24/2016)... , May 24, 2016   MedyMatch Technology Ltd ... with artificial intelligence, real-time decision support tools in the emergency ... at the 2016 Israeli Advanced Technology Industries (IATI) BioMed Conference. ... Israel,s 15th National Life Sciences and Technology ... the David Intercontinental Hotel in Tel Aviv, Israel ...
(Date:5/23/2016)... ... May 23, 2016 , ... PrecisionAg® ... Farming in 2017 and Beyond. The paper outlines the key trends that are ... industry. , “We’ve witnessed a lot of highs and lows as the precision ...
(Date:5/23/2016)... ... May 23, 2016 , ... RoviSys, a ... based in Aurora, Ohio, has broken ground on a new building in Holly ... Park area, this new location solidifies a commitment to business in the region. ...
Breaking Biology Technology:
(Date:4/19/2016)... The new GEZE SecuLogic access ... "all-in-one" system solution for all door components. It can ... door interface with integration authorization management system, and thus ... minimal dimensions of the access control and the optimum ... offer considerable freedom of design with regard to the ...
(Date:3/31/2016)... Florida , March 31, 2016 ... ) ("LegacyXChange" or the "Company") LegacyXChange ... potential users of its soon to be launched online ... ( https://www.youtube.com/channel/UCyTLBzmZogV1y2D6bDkBX5g ) will also provide potential ... use of DNA technology to an industry that is ...
(Date:3/22/2016)... , PROVO and ... -- Newborn Screening Ontario (NSO), which operates the highest ... for molecular testing, and Tute Genomics and UNIConnect, leaders ... technology respectively, today announced the launch of a project ... sequencing (NGS) testing panel. NSO has ...
Breaking Biology News(10 mins):