Medtronic acquires remaining shares of CryoCath Technologies Inc.
31 December 2008
Medtronic, Inc. (NYSE: MDT) has acquired the 1,574,488 shares of
Canadian company CryoCath not already owned by it by exercising its
right to compulsorily acquire the CryoCath shares under Section 51 of
the Canadian Companies Act (Québec).
The compulsory acquisition followed an offer dated October 3, 2008
for all of the CryoCath shares at a price of Cdn. $8.75 per CryoCath
share, which had been accepted by shareholders holding approximately
96.3% of the CryoCath shares.
As a result, CryoCath is now 100% owned by Medtronic. Accordingly,
CryoCath intends to make an application to have the CryoCath shares
delisted from the Toronto Stock Exchange and has applied to securities
regulators to cease to be a reporting issuer under applicable Canadian
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