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J&J Completes Omrix Tender Offer

NEW BRUNSWICK, N.J. -- Johnson & Johnson (JNJ) said Saturday that it completed its tender offer for shares of Omrix Biopharmaceuticals Inc. (OMRI), 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.

Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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