Covidien, a Dublin-based global provider of healthcare products, has completed its tender offer to purchase all of the outstanding shares of common stock of ev3, a leading developer and marketer of endovascular devices.

The tender offer was made through Covidien’s subsidiary, COV Delaware Corporation. The offer expired on July 9, and was not extended.

The depositary for the tender offer has advised Covidien that, as of the expiration of the offering period, a total of approximately 100,814,535 shares of ev3 common stock were validly tendered and not withdrawn, representing approximately 87.7 per cent of the outstanding ev3 common shares.

All shares that were validly tendered and not withdrawn during the initial offering period have been accepted for payment, a statement said.

Pursuant to the terms of the merger agreement, COV Delaware Corporation will exercise its option to purchase newly issued shares from ev3 at the tender offer price, which will permit Covidien to complete the acquisition process by effecting a short-form merger as promptly as practicable, that is, without a vote or meeting of ev3’s remaining stockholders.

Following the merger, ev3 will become an indirect wholly-owned subsidiary of Covidien, the statement added.

Each share of ev3’s outstanding common stock will be cancelled and converted into the right to receive the same consideration, without interest, received by holders who tendered in the tender offer.

Thereafter, ev3 common stock will cease to be traded on the Nasdaq, according to the statement. – TradeArabia News Service