Medtronic and Kyphon Complete Merger
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` Accueil > Communiqués de presse > Medtronic and Kyphon Complete...
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`Le contenu de cette section est adressé aux journalistes et aux investisseurs
`Communiqués de presse
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`Contact media:
`Martha Goldberg Aronson, Investor Relations, 763-505-2694
`Marybeth Thorsgaard, Public Relations,
`Medtronic and Kyphon Complete Merger
`Expects Growth in Treatments for Debilitating Spinal Conditions
`
`MINNEAPOLIS – November 2, 2007 – Medtronic, Inc. (NYSE:MDT) today
`announced that it has completed its acquisition of Kyphon Inc. Under the terms of the
`agreement announced on July 27, 2007, Kyphon shareholders will receive $71.00 per
`share in cash for each share of Kyphon common stock they own. The total value of
`the transaction, including payment of Kyphon debt, was approximately $4.2 billion.
`Medtronic financed the transaction primarily using cash on hand.
`
`“The product lines and the geographic presence of these two companies are highly
`complementary,” said Bill Hawkins, president and chief executive officer of Medtronic.
`“We expect this acquisition to help accelerate the growth of Medtronic’s existing spinal
`business by extending our product offerings into some of the fastest growing product
`segments and enabling us to provide physicians with a broader range of therapies for
`use at all stages of the care continuum.”
`
`Richard Mott, president and chief executive officer of Kyphon, said, “We are pleased
`that we were able to deliver outstanding value to our shareholders that fully reflects
`Kyphon’s innovation and growth potential. Combining our business with Medtronic’s
`Spinal business is also advantageous for our customers, their patients and our
`employees. As a part of the Medtronic organization, we will increase our ability to
`meet the needs of our clinician customers and the patients they serve with our
`technologies, and our employees will have the opportunity to become part of a larger
`organization with a shared vision as well as additional career and advancement
`opportunities.”
`
`Medtronic also announced that Kyphon has completed its acquisition of the
`non-vertebroplasty assets of Disc-O-Tech Medical Technologies, Ltd., and has entered
`into a definitive agreement to divest substantially all of the assets relating to the
`Disc-O-Tech Confidence product line. The purchaser of the Confidence assets has
`agreed to assume substantially all of Kyphon’s payment obligations under Kyphon’s
`agreements to acquire those assets. The divestiture agreement remains subject to
`regulatory clearances and other customary conditions.
`
`About Medtronic
`Medtronic, Inc., headquartered in Minneapolis, is the world’s leading medical
`technology company, alleviating pain, restoring health and extending life for people
`with chronic disease. Its Internet address is www.medtronic.com.
`
`This press release contains forward-looking statements regarding our operating
`momentum, new products and other developments, which are subject to risks
`and uncertainties, such as competitive factors, the risk that Kyphon may not be
`integrated successfully and that the cost savings and other synergies from the
`acquisition may not be fully realized, difficulties and delays inherent in the
`development, manufacturing, marketing and sale of medical products,
`government regulation, general economic conditions and other risk and
`uncertainties described in Medtronic’s Annual Report on Form 10-K for the year
`ended April 27, 2007. Actual results may differ materially from anticipated
`results. Medtronic does not undertake to update its forward-looking statements.
`
`-end-
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` Medtronic, Inc. 2014
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`ORTHOPHOENIX, LLC EXHIBIT 2002
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`IPR2014-01519 Page 1 of 1
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