Kyphon sets shareholder meeting date for Medtronic merger vote

By Lisa Kerner

Charlotte, N.C., Sept. 7 - Kyphon Inc. will hold a special meeting of stockholders at 5 p.m. ET on Oct. 16 to vote on the company's proposed merger with a Medtronic, Inc. subsidiary.

The record date for the meeting is Aug. 31, according to a company news release.

On July 27, Kyphon agreed to be acquired by Medtronic for $71 cash per share. The transaction is expected to close in the first quarter of 2008.

As previously reported, both companies' boards of directors have approved the transaction, which is valued at some $3.9 billion, excluding $320 million in payments related to the St. Francis Medical Technologies, Inc. and Disc-O-Tech Medical Technologies, Ltd. transactions.

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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