Navigation Links
Otix Global, Inc. Enters Into Definitive Merger Agreement With William Demant Holding A/S
Date:9/13/2010

SALT LAKE CITY, Sept. 13 /PRNewswire-FirstCall/ -- Otix Global, Inc. (Otix) (Nasdaq: OTIX), a leading provider of hearing care services and solutions and the parent company of Sonic Innovations, Inc. (Sonic) and HearingLife, today announced that it has entered into a definitive merger agreement with William Demant Holding A/S (WDH), the parent company of hearing aid companies, Oticon and Bernafon.  Under the merger agreement WDH will pay $8.60 for each outstanding share of Otix common stock.  

"In a short period of time, Otix Global has grown from an innovative start-up company to a leading manufacturer and distributor of superior hearing solutions under its Sonic and HearingLife brands.  Our product lines have garnered industry attention and awards and are representative of the innovative technology for which Otix is known," said Otix Chairman and CEO Sam Westover.  "The merger with William Demant will provide the research and development, marketing and sales support and resources necessary to further expand Sonic and HearingLife's presence in the hearing healthcare industry."  

The proposed transaction represents a 112% and 125% premium to Otix's 5-day and 30-day average stock prices, respectively, as of the last trading day before the merger announcement.  The boards of directors of Otix and WDH have given their approvals to the transaction, which is subject to German and Australian merger control regulations, and other customary closing conditions. The agreement will require the approval of Otix's shareholders.  It is anticipated that the merger will be completed between mid-November and the end of 2010.

"Otix is proud of the many achievements and contributions it has made to the hearing aid industry.  As a pioneer to the industry, many of Otix Global's technologies have become standard in the industry today.  The company's commitment to manufacture and market products to improve the hearing of millions of people worldwide will only be strengthened by the merger," said Mr. Westover.

ABOUT OTIX GLOBAL:

Otix Global designs, develops, manufactures and markets advanced digital hearing aids designed to provide the highest levels of satisfaction for hearing impaired consumers.

Any statements in this press release about future expectations, plans and prospects for Otix, including statements about the expected timetable for consummation of the proposed transaction among WDH and Otix, and any other statements about WDH's or Otix's future expectations, beliefs, goals, plans or prospects, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These statements may contain the words "believes," "anticipates," "plans," "expects," "will" and similar expressions. Actual results may differ materially from those currently anticipated due to a number of risks and uncertainties that are subject to change based on factors that are, in many instances, beyond the control of WDH and Otix. Risks and uncertainties that could cause results to differ from expectations include: the merger may not be approved by our shareholders or the applicable governmental agencies; we may fail to receive the requisite number of votes or proxies from our shareholders to obtain a quorum; the merger agreement may be terminated according to its terms prior to the finalization of the merger; the announcement of the pending merger with WDH may have a significant and deleterious effect on our business; the occurrence of any event or proceeding that could give rise to the termination of the merger agreement; the inability to complete the merger due to the failure of the closing conditions to be satisfied; the outcome of any legal proceedings that may be instituted in connection with the merger; uncertainties as to the timing of the merger; the risk that competing offers will be made; the effects of disruption from the transaction making it more difficult to maintain relationships with employees, customers, suppliers, banking partners, other business partners or governmental entities; other business effects, including the effects of industry, economic or political conditions outside of the control of WDH and Otix; transaction costs; actual or contingent liabilities; or other risks and uncertainties described in the section titled "Risk Factors" in Otix's Annual Report on Form 10-K for the year ended December 31, 2009, as filed by Otix with the Securities and Exchange Commission, and described in other filings made by Otix from time to time with the Securities and Exchange Commission.

We undertake no obligation to revise our forward-looking statements to reflect events or circumstances after the date hereof as a result of new information, future events or otherwise.


'/>"/>
SOURCE Otix Global, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Otix Global, Inc. Announces Reverse Stock Split
2. Otix Global, Inc. Extends Term of Loan and Security Agreement With Silicon Valley Bank
3. Otix Global, Inc. to Discontinue German Operations
4. Kosans Motilin Receptor Agonist, Licensed to Pfizer, Enters Phase 1 Clinical Trial in Gastroesophageal Reflux Disease
5. The Heart, Diabetes, And Weight Loss Centers of New York Introduce the New Science of Metabolic Diagnosis and Weight Management
6. CellCyte Genetics Corp. Enters Collaborative Research Agreement With Cleveland Clinic Foundation to Qualify Stem Cell Delivery in Damaged Heart Tissue
7. Cepheid Announces Termination of Contract With the Centers for Disease Control and Prevention to Develop Rapid Point of Care Test for Avian Influenza
8. Preimplantation Genetic Diagnosis International Society Refutes American Society of Reproductive Medicine Opinion - States Preimplantation Genetic Screening is Beneficial When Performed in Experienced Centers
9. Concentra Medical Centers Gears Up for Flu Season to Keep Area Workforce Healthy
10. Ambrx Enters FGF-21 Type 2 Diabetes Drug Discovery Collaboration with Merck and Co. Inc.
11. Tacere Therapeutics Enters Collaboration and License Agreement With Pfizer To Develop and Commercialize RNAi Hepatitis C Drug
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/23/2017)... -- Janssen Biotech, Inc. (Janssen) announced today that it ... Food and Drug Administration (FDA) for the Biologics License ... of moderately to severely active rheumatoid arthritis (RA). The ... to further evaluate the safety of sirukumab in the ... "We are disappointed by ...
(Date:9/22/2017)... SAN DIEGO , Sept. 22, 2017 ... ll medical device is now successfully helping those with ... Union. Fibromyalgia diagnosed Amanda in ... getting dressed and washing my hair, experiencing no sleep ... body in painful spasm… I cannot recommend [the AVACEN ...
(Date:9/19/2017)... Ky. , Sept. 19, 2017   ZirMed Inc ... predictive analytics, today announced that it has been ranked #1 ... Black Book™ Rankings 2017 User Survey. ZirMed was ... solution for large hospitals and medical centers over 200 beds ... Black Book,s healthcare technology user survey history. ...
Breaking Medicine Technology:
(Date:10/12/2017)... ... October 12, 2017 , ... Asante, a ... health care, have expanded their existing home health joint venture through an agreement, ... been operating a joint venture home health company with Asante, delivering clinically integrated ...
(Date:10/12/2017)... (PRWEB) , ... October 12, 2017 , ... ... Mohebi Hair Restoration, has recently contributed a medical article to the newly revamped ... cosmetictown.com. Dr. Mohebi’s article spotlights the hair transplant procedure known as Follicular ...
(Date:10/12/2017)... (PRWEB) , ... October 12, 2017 , ... Leading pediatric ... peers in Washington, D.C., for the 49th Congress of the International Society of ... Vice President of the Center for Cancer and Blood Disorders at Children’s ...
(Date:10/12/2017)... GRAND RAPIDS, Mich. (PRWEB) , ... October 12, ... ... OnSite Wellness, has been named one of Michigan’s 2017 Best and Brightest in ... Best and Brightest in Wellness® awards program on Friday, Oct. 20 from 7:30 ...
(Date:10/12/2017)... BALTIMORE (PRWEB) , ... October 12, 2017 , ... ... average of $3,296 in property taxes a year. In some states—like New York, ... higher. , By contrast, many overseas retirement havens have extremely low property-tax rates, ...
Breaking Medicine News(10 mins):