EP MedSystems, St. Jude Medical merger set to close July 3

By Lisa Kerner

Charlotte, N.C., June 26 - EP MedSystems, Inc. shareholders have until 5 p.m. ET on July 1 to select the form of their merger consideration in the company's merger with St. Jude Medical, Inc.

The transaction is scheduled to close on July 3 pending EP MedSystems shareholder approval, a St. Jude Medical news release said.

Final shareholder results will be announced before market open on July 7, according to the release.

Under the companies' merger agreement, EP MedSystems shareholders can elect to receive $3 in cash or approximately $3 of St. Jude Medical common stock, subject to proration such that St. Jude Medical will pay 40% of the total in stock and 60% in cash.

Cash will be issued in lieu of fractional shares of St. Jude Medical common stock, the company noted.

It was previously reported that St. Jude Medical agreed to acquire EP MedSystems for about $92.1 million to expedite St. Jude Medical's entry into the high-growth intracardiac ultrasound echocardiography market.

St. Jude Medical manufactures and distributes cardiovascular medical devices and implantable neurostimulation devices. The company is based in St. Paul.

Based in West Berlin, N.J., EP MedSystems develops electrophysiology products used to diagnose and treat cardiac rhythm disorders.

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