Covidien Ltd on May 8, 2009 entered into a definitive agreement to acquire VNUS for a purchase consideration of about $440 million or $29 per VNUS share in cash. Under the terms of the agreement, Covidien will commence a cash tender offer to acquire VNUS shares at a price of $29 per share in cash. The board of directors of both companies have unanimously approved the transaction. Following the completion of the transaction, Covidien will report the VNUS business as part of its vascular product line in the medical devices segment. The transaction is expected to be completed by June 30, 2009.
VNUS develops, manufactures and licenses products used in the minimally invasive treatment of venous reflux disease, including disposable endovenous catheters and radio-frequency (RF) generators.
