Medtronic, Kyphon merger one step closer to completion with German approval

By Lisa Kerner

Charlotte, N.C., Sept. 19 - The German Federal Cartel office granted its clearance in the proposed merger of Medtronic, Inc. and Kyphon Inc.

Kyphon shareholders are set to vote on the merger at a special meeting on Oct. 16, and the transaction is expected to close in the first quarter of 2008.

The Federal Trade Commission and the U.S. Department of Justice Antitrust Division granted early termination of the Hart-Scott-Rodino waiting period. The termination was announced on Sept. 11.

On July 27, Kyphon agreed to be acquired by Medtronic for $71 cash per share. As previously reported, both companies' boards of directors have approved the transaction, which is valued at some $3.9 billion, excluding $320 million in payments related to the St. Francis Medical Technologies, Inc. and Disc-O-Tech Medical Technologies, Ltd. transactions.

Medtronic's spinal surgery focus has been on younger patients suffering from scoliosis and degenerative disc disease in the cervical and lumbar spine. The company is based in Minneapolis.

Kyphon, a Sunnyvale, Calif., medical device company, specializes in the treatment of older patients suffering from vertebral compression fractures and spinal stenosis.

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