Cytyc begins change-of-control tender offer for 2.25% convertibles

By Angela McDaniels

Seattle, Oct. 22 - Cytyc Corp. began an offer to repurchase its outstanding 2.25% senior convertible notes due 2024.

The company will pay par plus $4.1875 of accrued interest per $1,000 principal amount of notes.

The offer will expire at 11:59 p.m. ET on Nov. 21.

Cytyc expects to fund the tender offer with cash on hand, according to a company news release.

The tender offer is required under the notes' indenture following Cytyc's merger with and into Hologic, Inc. on Oct. 22.

As a result of the merger, each note is convertible into $556.11765 in cash and 17.526132 shares of Hologic common stock. Hologic stock closed at $65.84 (Nasdaq: HOLX) on Friday.

The conversion price was determined based on the payment Cytyc shareholders received in connection with the merger, which was $16.50 in cash and 0.52 of a Hologic share per share of Cytyc common stock.

Cytyc is a medical device company based in Marlborough, Mass. Hologic is a diagnostic and medical imaging company based in Bedford, Mass.

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