Kyphon stockholders approve Medtronic merger

By Lisa Kerner

Charlotte, N.C., Oct. 16 - Kyphon Inc. stockholders voted to adopt the July 26 merger agreement with Medtronic, Inc. at a special meeting on Tuesday.

Medtronic agreed to acquire all of the outstanding shares of Kyphon common stock for $71 per share in cash. The transaction, valued at some $3.9 billion, is slated to close following clearance from antitrust authorities in Portugal and Turkey, sometime after Nov. 1, a company news release stated.

Medtronic's spinal surgery focus has been on younger patients suffering from scoliosis and degenerative disc disease in the cervical and lumbar spine. The company is based in Minneapolis.

Kyphon, a Sunnyvale, Calif., medical device company, specializes in the treatment of older patients suffering from vertebral compression fractures and spinal stenosis.

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