Thoratec, HeartWare proposed merger stalled by FTC court challenge

By Lisa Kerner

Charlotte, N.C., July 30 - Thoratec Corp. and HeartWare International, Inc. said they are disappointed with the Federal Trade Commission's decision to file a complaint in U.S. Federal District Court challenging their proposed merger.

The companies said they will review the FTC's decision before deciding on their next step.

In March the FTC requested additional information about the proposed merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Thoratec announced in February that it agreed to acquire HeartWare in a cash-and-stock deal valued at $282 million. Each share of HeartWare common stock will be converted into the right to receive $14.30 in cash and 0.6054 of a share of Thoratec common stock.

As previously reported, Thoratec and HeartWare expected to close the transaction in the second half of 2009.

Thoratec, based in Pleasanton, Calif., develops, manufactures and markets proprietary medical devices used for circulatory support.

HeartWare is a medical device company located in Framingham, Mass., and Sydney, Australia.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.