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Print Edition StoriesThursday, April 1, 2010
Haemonetics wraps up Global Med buy
By Mass High Tech staff
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Braintree-based Haemonetics Corp. (NYSE:HAE) today announced the expiration of the offering period for its cash tender offer Global Med Technologies Inc., effectively finalizing the acquisition of Global Med, a California-based healthcare information technology company that markets software and services for blood supply management.
The acquisition, announced in February, is being conducted through Haemonetics’ wholly-owned subsidiary Atlas Acquisition Corp., and involves Haemonetics offering $1.22 per share of Global Med’s common stock and $1,694 per share of preferred stock. The tender offer, which had been extended in mid March, expired at midnight last night.
Haemonetics said that Global Med stockholders had tendered 3,960 shares of preferred stock and almost 34.4 million shares of common stock by the deadline. Those figures represented all of the preferred shares outstanding and 89.7 percent of the common stock outstanding.
Haemonetics intends to merge Atlas Acquisition into Global Med without a vote of Global Med’s stockholders by way of a “short form” merger. Atlas Acquisition will exercise its “top-up” option, which permits it to purchase additional shares of Global Med’s common stock directly from Global Med at a price of $1.22 per share. Global Med will then become a wholly-owned subsidiary of Haemonetics, which develops blood management products in the areas of blood collection and separation technology, surgical blood salvage systems and diagnostic products.
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