The boards of directors of both Replidyne and CSI have unanimously approved the transaction, which is subject to customary closing conditions, including approval by the shareholders of each of Replidyne and CSI. The merger agreement contains certain termination rights for both Replidyne and CSI. The directors, as well as certain significant shareholders, of each of Replidyne and CSI have executed voting agreements in favor of the transaction.
The transaction is expected to close during the first calendar quarter of 2009. Upon consummation of the merger, Replidyne's name will be changed to Cardiovascular Systems, Inc. and the combined company will apply for listing on The NASDAQ Global Market(R) under a new trading symbol.
CSI had filed for an initial public offering in January 2008, but withdrew its registration statement for the initial public offering today. According to Martin, "The current equity market conditions have resulted in the IPO market coming to a standstill. Given the uncertainty regarding timing of a market recovery, we believe that this transaction offers the best opportunity at this time for continued growth and for our company to gain access to the public capital markets."
Morgan Stanley acted as financial advisor to Replidyne and Cooley Godward Kronish LLP served as Replidyne's legal counsel. Citi acted as financial advisor to Cardiovascular Systems, Inc. and Fredrikson & Byron P.A. served as CSI's legal counsel.
About Cardiovascular Systems, Inc.
CSI is a medical device company focused on developing and
|SOURCE Replidyne, Inc.|
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