Cytyc completes $24-per-share cash tender offer for Adeza Biomedical

By Lisa Kerner

Charlotte, N.C., April 2 - Cytyc Corp. said its direct wholly owned subsidiary, Augusta Medical Corp., completed its $24.00-per-share tender offer for all outstanding shares of Adeza Biomedical Corp.

As of March 30, 16,816,572, or about 96%, of Adeza's issued and outstanding shares had been validly tendered and accepted for payment, according to a company news release.

The initial tender offer period expired on March 16. A subsequent offering period expired on March 30.

Cytyc said it intends to complete the acquisition of Adeza through a short-form merger as soon as practicable.

Following the transaction, estimated at $452 million and announced on Feb. 12, Adeza will become a wholly owned subsidiary of Cytyc.

Cytyc, a Marlborough, Mass.-based medical device company, planned to fund the offer with its existing cash and credit facility and with the cash on Adeza's balance sheet.

Adeza's key product is FullTerm, the Fetal Fibronectin Test, which is used to identify women at risk of preterm birth. The company is located in Sunnyvale, Calif.

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