IRVINE, Calif., Dec. 31, 2013 /PRNewswire/ -- Patient Safety Technologies, Inc. (OTCBB:PSTX, OTCQB:PSTX) ("PST" or the "Company") today announced a definitive agreement with Stryker Corporation (NYSE: SYK) by which Stryker will acquire Patient Safety Technologies in an all cash transaction for $2.22 per common share, with a total transaction value of approximately $120 million including estimated fees and expenses.
"I am pleased to announce this transaction as it delivers significant shareholder value," stated Brian E. Stewart, President and CEO of Patient Safety Technologies, Inc. "We are excited to partner with such an established leader in the medical device field and look forward to how the combination will help drive our growth to the next level, enabling current and future users of the Safety-Sponge® System to further improve the safety of their patients and reduce their costs of care," continued Mr. Stewart.
"We are committed to providing solutions that result in a higher quality of care and level of safety for both patients and healthcare professionals," said Timothy J. Scannell, Group President, MedSurg and Neurotechnology. "This acquisition aligns with Stryker's focus on offering products and services that have demonstrated cost effectiveness and clinical outcomes."
The agreement was approved by all members of PST's Board of Directors. The transaction is subject to customary closing conditions including, among other items, approval by the stockholders of Patient Safety Technologies and the expiration or termination of the Hart-Scott-Rodino Antitrust Improvements Act waiting period. The transaction is expected to close in the first quarter of 2014.
In connection with this transaction BofA Merrill Lynch is acting as fin
|SOURCE Patient Safety Technologies, Inc.|
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