Shareholders OK Matria Healthcare's $280 million cash and stock deal with Inverness Medical

By Lisa Kerner

Charlotte, N.C., May 8 - Matria Healthcare, Inc. said its shareholders approved the proposed merger of the company with Inverness Medical Innovations, Inc. at a special meeting held Thursday.

In January it was reported that Inverness Medical agreed to acquire all outstanding shares of common stock of Matria Healthcare in a cash and stock deal valued at $1.18 billion, including $280 million of Matria Healthcare debt.

Matria Healthcare stockholders will receive $39.00 per share, payable as $6.50 in cash plus $32.50 in convertible preferred stock of Inverness. The preferreds are convertible at $69.32, a prior news release stated.

Inverness is a Waltham, Mass., diagnostic device company.

Matria Healthcare provides health enhancement, disease management and high-risk pregnancy management programs and services. The company is located in Marietta, Ga.

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