ev3, FoxHollow merger to close Friday

By Devika Patel

Knoxville, Tenn., Oct. 2 - ev3 Inc. announced that its planned merger with FoxHollow Technologies, Inc. is expected to close on Friday.

As previously reported, once the merger is complete, FoxHollow will be a wholly owned subsidiary of ev3 and FoxHollow stockholders will own 41% of the combined company.

The merger agreement gives FoxHollow shareholders the right to elect 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.

ev3 and FoxHollow will merge in the $780 million deal to create a new company with a market capitalization of some $1.7 billion. ev3 intends to maintain FoxHollow's existing relationship with Merck & Co., Inc. Projected net sales of the combined company are expected to be $585 million to $615 million.

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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