Will Proceed to Compulsory Acquisition
WARSAW, Ind. and MONTREAL, Nov. 5 /PRNewswire-FirstCall/ -- Zimmer Holdings, Inc. (NYSE: ZMH; SWX: ZMH), a leader in the orthopaedics industry, and its indirect wholly owned subsidiary ZMH Acquisition Co. ("Offeror"), announced today that pursuant to the extension of the Offer made for all the common shares ("Shares") of ORTHOsoft Inc. ("ORTHOsoft") (TSX-Venture: OSH), a leader in computer navigation for orthopaedic surgery, it has now taken up and paid for 42,545,600 Shares, representing 92.36% of the total number of Shares outstanding (other than those held by Zimmer or its affiliates at the time of the Offer).
The Offeror will mail a Notice of Compulsory Acquisition to all shareholders of ORTHOsoft whose Shares have not been deposited under the Offer, as extended. The Offeror's objective is to acquire all Shares it does not own by way of a compulsory acquisition pursuant to the Canada Business Corporations Act. The Offeror also intends to cause ORTHOsoft to cease to be a reporting issuer under Canadian Securities legislation and to apply to delist the Shares from the TSX-Venture as soon as practicable.
The Shareholders of ORTHOsoft are advised to read the Notice of Compulsory Acquisition.
Founded in 1927 and headquartered in Warsaw, Indiana, Zimmer is the worldwide #1 pure-play orthopaedic leader in designing, developing, manufacturing and marketing reconstructive and spinal implants, trauma and related orthopaedic surgical products. Zimmer has operations in more than 24 countries around the world and sells products in more than 100 countries. Zimmer's 2006 sales were approximately $3.5 billion. The Company is supported by the efforts of more than 7,000 employees worldwide.
Zimmer Safe Harbor Statement
This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 based on current expectations, estimates, forecasts and projections about the orthopaedics industry, management's beliefs and assumptions made by management. Forward-looking statements may be identified by the use of forward-looking terms such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "assumes," "guides," "targets," "forecasts," and "seeks" or the negative of such terms or other variations on such terms or comparable terminology. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, our ability to successfully integrate acquired businesses, the impact of our settlement of the federal investigation into financial relationships with consulting surgeons, including our compliance with the Deferred Prosecution Agreement through March 2009 and the Corporate Integrity Agreement through 2012, the outcome of the Department of Justice Antitrust Division investigation announced in June 2006, the outcome of the informal investigation by the Securities and Exchange Commission into U.S. Foreign Corrupt Practices Act matters, price and product competition, rapid technological development, demographic changes, dependence on new product development, the mix of our products and services, supply and prices of raw materials and products, customer demand for our products and services, control of costs and expenses, our ability to form and implement alliances, international growth, governmental laws and regulations affecting our U.S. and international businesses, including tax obligations and risks, product liability and intellectual property litigation losses, reimbursement levels from third-party payors, general industry and market conditions and growth rates and general domestic and international economic conditions including interest rate and currency exchange rate fluctuations. For a further list and description of such risks and uncertainties, see our periodic reports filed with the U.S. Securities and Exchange Commission. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be set forth in our periodic reports. Readers of this document are cautioned not to place undue reliance on these forward-looking statements, since, while we believe the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this document.
|SOURCE Zimmer Holdings, Inc.|
Copyright©2007 PR Newswire.
All rights reserved