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Vidacare Corporation to be acquired by Teleflex
Medical device manufacturer Vidacare Corporation of San Antonio, Texas has entered into a merger agreement to be acquired by Teleflex Incorporated (NYSE: TFX) for $262.5 million plus Vidacare's net cash. Vidacare currently estimates that total proceeds to be distributed to Vidacare shareholders and vested option holders, assuming full release of amounts escrowed, are expected to be $285 million. The Vidacare Board of Directors and the holders of a majority of Vidacare's outstanding capital stock have approved the merger. An information statement providing a detailed summary of the transaction along with the merger agreement have been circulated to the other stockholders for their approval of the transaction. The acquisition is subject to customary closing conditions, including receipt of certain regulatory approvals, and is expected to be completed late in the fourth quarter of 2013.
"Our agreement with Teleflex, which is an all cash transaction, represents an attractive valuation for Vidacare and provides liquidity to our shareholders" said Mark Mellin, Vidacare President and Chief Executive Officer. "I believe that this merger represents a unique opportunity for the combined companies to strategically expand and grow Vidacare's intraosseous access technology platform".
About Vidacare Corporation:
Vidacare products incorporate a patented power driver and needle system to access the intraosseous (inside the bone) space for a variety of medical, diagnostic and therapeutic purposes including vascular access, emergency medicine, and oncology. Their products include the EZ-IO® Intraosseous Vascular Access System, the OnControl™ Bone Marrow System and the OnControl™ Bone Access System. The EZ-IO® Vascular Access System will expand Teleflex's vascular access product portfolio with a defining technology that can provide either a bridge to longer term access devices such as a central venous catheter, or a rapid, less expensive, and lower risk alternative for difficult vascular access when long-term central lines are not necessary.
Privately held, Vidacare was established in 2001 and employs 165 people worldwide and its products are approved in over 55 countries. Additional information regarding Vidacare is available on its website at vidacare.com.
This press release contains forward-looking statements, including, but not limited to, statements relating to the expected total proceeds and the opportunity created by the merger. Actual results could differ materially from those in these forward-looking statements due to, among other things, unexpected expenditures in connection with the effectuation of the acquisition, costs and length of time required to comply with legal requirements and regulatory approvals applicable to certain aspects of the transaction, and unanticipated difficulties in connection with customer reaction to the transaction.