FoxHollow sets meeting date for ev3 merger vote

By Lisa Kerner

Charlotte, N.C., Aug. 31 - FoxHollow Technologies, Inc. shareholders will vote on a merger of the company with ev3 Inc. at a special meeting at noon ET on Oct. 4, according to a form 424B3 filing with the Securities and Exchange Commission.

The boards of directors of both companies approved the merger agreement, which gives FoxHollow shareholders the right to elect to receive $25.92 in cash, 1.62 shares of ev3 common stock or 1.45 shares of ev3 stock plus $2.75 in cash for each share of common stock, subject to proration.

Once the merger is complete, FoxHollow will be a wholly owned subsidiary of ev3 and FoxHollow stockholders will own 41% of the combined company.

On Aug. 31, ev3 (Nasdaq: EVVV) closed at $15.31 and FoxHollow (Nasdaq: FOXH) closed at $24.55.

As previously reported, ev3 and FoxHollow will merge in the $780 million deal to create a new company with a market capitalization of some $1.7 billion. ev3 intends to maintain FoxHollow's existing relationship with Merck & Co., Inc. Projected net sales of the combined company are expected to be $585 million to $615 million.

ev3, based in Plymouth, Minn., is a medical device company specializing in endovascular technologies for the minimally invasive treatment of vascular diseases and disorders.

Redwood City, Calif.-based FoxHollow develops and markets minimally invasive devices for the removal of plaque and thrombus and for the treatment of peripheral artery disease.

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