Biotech
J&J Completes Omrix Tender Offer
The Associated Press
12/27/08 - 02:59 PM EST
NEW BRUNSWICK, N.J. -- Johnson & Johnson(JNJ Quote) said Saturday that it completed its tender offer for shares of Omrix Biopharmaceuticals Inc.(OMRI Quote), a New York-based maker of liquid sealants used to control bleeding during surgery.
J&J said Omrix shareholders tendered about 97.8% of shares in response to a tender offer that expired at midnight Friday.
The $438 million buyout announced Nov. 24 is aimed at boosting the health-product company's surgical care business.
J&J said it intends to complete its acquisition without a vote or meeting of Omrix's remaining shareholders. Remaining shares will be converted into the right to receive $25 in cash each.
The company said it expects to close the deal as soon as possible. Omrix will then operate as a standalone entity connected to J&J's Ethicon surgical products unit.
Boards of directors of both companies have approved the deal, as has the Israeli government. Omrix's manufacturing operations are based in Tel Aviv.