Leading Proxy Advisor Recommends Shareholders Support Merger
IRVINE, California, September 19 /PRNewswire-FirstCall/ -- IsoTis, Inc. (NASDAQ: ISOT) ("IsoTis"), an orthobiologics company, today announced that Institutional Shareholder Services, ISS, a leading proxy advisor, recommends shareholders support the merger of IsoTis and Integra LifeSciences Holdings Corporation (NASDAQ: IART) ("Integra").
For every M&A analysis, ISS reviews publicly available information and evaluates the merits and drawbacks of the proposed transaction, balancing various and sometimes countervailing factors including valuation, market reaction, strategic rationale, negotiations and process, conflicts of interest and governance. Regarding the IsoTis-Integra combination, ISS cites the following factors in particular:
"In reaching its decision to enter into the merger, the IsoTis board evaluated, among other things, the following factors:
(i) the merger consideration of $7.25 per share represents an approximately 5.4 percent premium over the closing price of the company's common stock on August 6, 2007, the last trading day prior to the announcement of the transaction;
(ii) the lack of any other viable financing or strategic alternatives available to the company that would be expected to enhance stockholder value, despite the company's extensive efforts to pursue such alternatives since the withdrawal of the company's initial public offering; and
(iii) the risks
|SOURCE IsoTis Inc|
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