Ev3 Inc. Agrees To Settle Stockholder Litigation

PLYMOUTH, Minn., July 6, 2010 (GLOBE NEWSWIRE) -- ev3 Inc. (Nasdaq:EVVV), a global endovascular device company, today announced that it has reached an agreement with the plaintiffs to settle the claims asserted in the purported stockholder class action lawsuits related to Covidien's proposed acquisition of ev3. The cases are being heard in the District Court for the State of Minnesota, Hennepin County and the Court of Chancery of the State of Delaware.

On July 2, 2010, ev3 and the other defendants and the plaintiffs in the lawsuits executed a memorandum of understanding to settle all claims asserted in the lawsuits, subject to, among other things, confirmation from plaintiffs' counsel following confirmatory discovery, that the proposed settlement is fair, adequate and reasonable, the execution of a stipulation of settlement, and approval by the Chancery Court of the State of Delaware. The memorandum of understanding provides, among other things, that ev3 shall make supplemental disclosures to its Solicitation/Recommendation Statement on Schedule 14D-9 and make certain amendments to the merger agreement related to Covidien's proposed acquisition of ev3.  Later today, ev3 will file an amendment to its Schedule 14D-9 with the Securities and Exchange Commission (SEC) to make such disclosures.

On June 11, 2010, Covidien commenced its tender offer to acquire all the outstanding shares of common stock of ev3 at a price of $22.50 per share in cash.  The tender offer is scheduled to expire at 12:00 midnight, New York City time, at the end of the day on Friday, July 9, 2010, unless it is extended.  The ev3 board of directors has unanimously recommended that ev3 stockholders accept the tender offer, tender their shares of ev3 common stock in the tender offer, and if necessary, adopt the merger agreement.

Complete terms and conditions of the tender offer are set forth in the offer to purchase, letter of transmittal and other related materials filed with the SEC by Covidien Group S.a.r.l. and COV Delaware Corporation on June 11, 2010 with the tender offer statement on Schedule TO, as amended.