Navigation Links
SBT Acquisition Inc. Successfully Completes Tender Offer for Shares of Lifecore Biomedical, Inc.
Date:3/21/2008

NEW YORK, March 21 /PRNewswire/ -- SBT Acquisition Inc., a wholly owned subsidiary of SBT Holdings Inc., which is wholly owned by Warburg Pincus Private Equity IX, L.P., has successfully completed the tender offer for all of the outstanding shares of common stock of Lifecore Biomedical, Inc. (Nasdaq: LCBM). The tender offer expired, as scheduled, at 5:00 p.m., New York City time, on Thursday, March 20, 2008.

The depositary for the offer has advised that, as of the expiration of the offer, a total of approximately 12,769,687 shares of Lifecore's common stock were validly tendered and not withdrawn in the offer (including shares tendered by notices of guaranteed delivery), representing approximately 94.18% of the outstanding shares of common stock of Lifecore. SBT Acquisition Inc. accepted for payment, in accordance with the terms of the offer, all shares that were validly tendered and not withdrawn prior to the expiration of the offer, and payment for such shares will be made promptly in accordance with the terms of the offer.

Pursuant to the terms of the previously announced Merger Agreement, dated as of January 15, 2008, SBT Holdings Inc. and SBT Acquisition Inc. expect to effect a merger of SBT Acquisition Inc. with and into Lifecore Biomedical, Inc., with Lifecore Biomedical, Inc. as the surviving corporation. In the merger, SBT Holdings Inc. will acquire all other shares of Lifecore Biomedical, Inc.'s common stock at the same $17.00 per share net to the seller in cash, without interest and less any required withholding taxes, if any, that will be paid to the holders of shares of common stock that were tendered in the offer. As a result of the merger, Lifecore Biomedical, Inc. will become a wholly owned subsidiary of SBT Holdings Inc. and Lifecore's common stock will be delisted from and will cease to trade on the NASDAQ Stock Market. SBT Holdings Inc., SBT Acquisition Inc. and Lifecore Biomedical, Inc. intend to complete the merger as soon as practicable following the satisfaction of the conditions in the Merger Agreement.

About Lifecore Biomedical, Inc.

Lifecore Biomedical, Inc. (Nasdaq: LCBM), in business over 40 years, develops, manufactures and markets biomaterials and medical devices for use in various surgical markets through two divisions, the Dental Division and the Hyaluronan Division. The Dental Division conducts its dental surgery business through direct sales and marketing in the United States, France, Germany, Italy and Sweden and through distributors in 49 other countries. The Hyaluronan Division conducts its business through OEM and contract manufacturing alliances in the ophthalmic, orthopedic and veterinary surgical fields. News and general information are available through the Company's website at http://www.lifecore.com.

About Warburg Pincus

Warburg Pincus has been a leading private equity investor since 1971. The firm currently has more than $20 billion of assets under management with more than $10 billion available for investment. Warburg Pincus invests in a range of sectors, including healthcare, financial services, consumer and retail, industrial, business services, energy, real estate, technology, media and telecommunications. Warburg Pincus has raised 12 private equity investment funds which have invested more than $29 billion in approximately 585 companies in 30 countries. The firm has invested $6.2 billion in healthcare-related companies around the world, including approximately $2.7 billion in medical devices. Notable medical device investments include: American Medical Systems, Bausch & Lomb, ev3, Kyphon, Tornier, and Wright Medical Group. Warburg Pincus has offices in Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, San Francisco, Shanghai, and Tokyo. For more information please visit http://www.warburgpincus.com.


'/>"/>
SOURCE SBT Acquisition Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Hearing Scheduled in the Delaware Court of Chancery for August 27, 2007 to Establish the Valid Approval and Consummation of the Merger Between PharmAthene, Inc. and Healthcare Acquisition Corp.
2. Proceedings to Affirm Merger Between PharmAthene and Healthcare Acquisition Corp Initiated in Delaware Chancery Court
3. Drug Royalty Corporation (DRC) Announces Acquisition Regarding PEG-INTRON(R) From Enzon Pharmaceuticals, Inc. (ENZN)
4. NxStage Medical Provides Update on Medisystems Acquisition
5. Palatin Technologies Announces Reacquisition of Full Rights to Bremelanotide Program
6. Validus Pharmaceuticals Expands Product Portfolio with Acquisition of Bipolar Drug: Equetro(R)
7. Federal Trade Commission Clears Kyphons Acquisition of Non-Vertebroplasty Spine-Related Assets of Disc-O-Tech
8. Shanghai Century Acquisition Corporation Announces Sichuan Kelun Pharmaceutical Co Results for the Six Months Ended June 30, 2007
9. Advanced Bio-Technologies Inc Announces Acquisition by HealthEdge Investment Partners, Tampa FL
10. PAREXEL International Completes Acquisition of APEX International Clinical Research Co., Ltd.
11. PAREXEL International Updates Financial Guidance in Conjunction with the Acquisition of APEX International Clinical Research Co., Ltd. and Other Factors
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... ... 27, 2016 , ... Cancer experts from Austria, Hungary, Switzerland, ... a new and helpful biomarker for malignant pleural mesothelioma. Surviving Mesothelioma has just ... now. , Biomarkers are components in the blood, tissue or body fluids ...
(Date:6/27/2016)... June 27, 2016  Liquid Biotech ... funding of a Sponsored Research Agreement with The ... cells (CTCs) from cancer patients.  The funding will ... levels correlate with clinical outcomes in cancer patients ... will then be employed to support the design ...
(Date:6/24/2016)... ... June 24, 2016 , ... While the majority of commercial spectrophotometers and fluorometers ... the 6000i models are higher end machines that use the more unconventional z-dimension of ... beam from the bottom of the cuvette holder. , FireflySci has developed several ...
(Date:6/23/2016)... , June 23, 2016   Boston Biomedical ... novel compounds designed to target cancer stemness pathways, ... been granted Orphan Drug Designation from the U.S. ... of gastric cancer, including gastroesophageal junction (GEJ) cancer. ... designed to inhibit cancer stemness pathways by targeting ...
Breaking Biology Technology:
(Date:5/24/2016)... , May 24, 2016 Ampronix facilitates superior patient care by providing unparalleled ... medical LCD display is the latest premium product recently added to the range of ... ... ... Sony 3d Imaging- LCD Medical Display- Ampronix News ...
(Date:5/3/2016)... 2016  Neurotechnology, a provider of high-precision biometric ... Biometric Identification System (ABIS) , a complete system ... ABIS can process multiple complex biometric transactions with ... fingerprint, face or iris biometrics. It leverages the ... MegaMatcher Accelerator , which have been used ...
(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 ...
Breaking Biology News(10 mins):