ev3, FoxHollow merger closes following FoxHollow shareholder OK

By Angela McDaniels

Seattle, Oct. 4 - ev3 Inc.'s planned merger with FoxHollow Technologies, Inc. closed after FoxHollow shareholders approved the transaction at a special meeting on Thursday.

FoxHollow is now a wholly owned subsidiary of ev3. FoxHollow shareholders own 41% of the combined company, and ev3 shareholders own the remaining 59%.

FoxHollow shares ceased trading on Thursday.

The merger agreement gave FoxHollow shareholders the right to receive $25.92 in cash, 1.62 shares of ev3 common stock or 1.45 shares of ev3 stock plus $2.75 in cash for each share of common stock, subject to proration.

"This merger brings together two industry leaders who share a deep commitment to advancing the treatment of peripheral and neurovascular disease, creating a single, best-in-class technology resource for specialists who treat endovascular disease," ev3 chairman and chief executive officer Jim Corbett said in a news release.

"Once integration activities are completed, the combined company will have direct operations or independent distributor presence in over 60 countries with more than 1,500 employees," John Simpson added. Simpson is the founder and former CEO of FoxHollow and the vice chairman of the board and chief scientist of ev3.

In addition to Simpson, three other former directors of FoxHollow will be added to the ev3 board: Jeffrey B. Child, Richard N. Kender and Myrtle S. Potter.

ev3, based in Plymouth, Minn., is a medical device company specializing in endovascular technologies for the minimally invasive treatment of vascular diseases and disorders.

Redwood City, Calif.-based FoxHollow develops and markets minimally invasive devices for the removal of plaque and thrombus and for the treatment of peripheral artery disease.

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