Bayer HealthCare gets tenders for 92% of Possis shares; subsequent offer begins

By Lisa Kerner

Charlotte, N.C., March 26 - Bayer HealthCare affiliate Medrad, Inc. completed its initial $19.50-per-share tender offer for the outstanding shares of Possis Medical, Inc. common stock on March 25.

Phoenix Acquisition Corp., a Medrad subsidiary, began a subsequent offering for all the remaining untendered shares that is set to expire at 5 p.m. ET on April 1.

The depositary for the offer said that a total of 14,951,550 shares of Possis were validly tendered and not withdrawn in the offer ended March 25.

An additional 715,141 shares are to be tendered under guaranteed delivery procedures.

The total number of shares represents about 92% of the outstanding common stock of Possis, according to a Bayer news release.

Medrad, through Phoenix Acquisition, has accepted for purchase all shares that were validly tendered in the offer.

Minneapolis-based Possis is a medical device company specializing in catheter-based therapies for the treatment of vascular disorders.

Bayer HealthCare is part of Bayer AG located in Leverkusen, Germany. Medrad is a medical device company with a focus on vascular injection systems.

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