This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Osteotech Reports Stockholders Approve Acquisition By Medtronic

EATONTOWN, N.J., Nov. 10, 2010 /PRNewswire-FirstCall/ -- Osteotech, Inc. (Nasdaq: OSTE), a leader in the emerging field of biologic products for regenerative healing, announced today that at a special meeting of stockholders held yesterday, Osteotech's stockholders approved Medtronic, Inc.'s acquisition of Osteotech for $6.50 in cash for each share of Osteotech common stock outstanding, which per share amount is subject to decrease in certain limited circumstances described in the Agreement and Plan of Merger, dated August 16, 2010, by and among Osteotech, Inc., Medtronic, Inc., Medtronic Sofamor Danek and England Merger Corporation (the "Merger Agreement").  There were 12,909,714 shares voted (in person or by proxy) at the special meeting of stockholders representing 71% of Osteotech's total outstanding voting shares as of the October 8, 2010 record date.  Of those shares voting, 12,842,620 shares were voted in favor of adoption of the Merger Agreement and approval of the merger, representing 99% of the shares that were voted and 70% of the shares outstanding as of the record date.  As of the close of business yesterday, Osteotech had not received a written demand for appraisal from any holders of shares outstanding.

The closing of the merger remains subject to certain closing conditions as specified in the Merger Agreement.  Osteotech expects that the closing of the merger will take place on or about November 16, 2010, assuming satisfaction or waiver of all such conditions to closing.

About Osteotech

Osteotech, Inc., headquartered in Eatontown, New Jersey, is a global leader in providing biologic solutions for regenerative medicine to support surgeons and their patients in the repair of the musculoskeletal system through the development of innovative therapy-driven products that alleviate pain, promote biologic healing and restore function.  For further information regarding Osteotech, please go to Osteotech's website at

About Medtronic

Medtronic, Inc. (, headquartered in Minneapolis, is the global leader in medical technology - alleviating pain, restoring health, and extending life for millions of people around the world.

Safe Harbor

This press release contains forward-looking statements, which include statements regarding the anticipated completion of the merger between Osteotech and Medtronic and the expected closing date of the merger.  These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or outcomes to be materially different from those anticipated in this press release including, among others, material changes in the economic environment, the tissue industry or the biologics business; the risk that the merger between Osteotech and Medtronic may not close due either to litigation filed by certain stockholders seeking to enjoin the merger or to a failure by Osteotech to satisfy certain closing conditions; and other factors relating to Osteotech and Medtronic that may impact the timing or occurrence of the closing of the merger.  In addition, actual outcomes are subject to other risks and uncertainties that relate more broadly to Osteotech's overall business, including those more fully described in Osteotech's filings with the Securities and Exchange Commission, including its Proxy Statement dated October 8, 2010 for the Special Meeting of Stockholders held on November 9, 2010, its Annual Report on Form 10-K for the year ended December 31, 2009 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010.  All information in this press release is as of November 10, 2010 and Osteotech assumes no obligation to update this information or forward-looking statements.

SOURCE Osteotech, Inc.

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
TSLA $150.01 4.40%
YHOO $26.75 -1.30%
AAPL $93.65 -0.66%
FB $101.93 0.92%
GOOG $681.92 -0.32%


Chart of I:DJI
DOW 15,660.18 -254.56 -1.60%
S&P 500 1,829.08 -22.78 -1.23%
NASDAQ 4,266.8370 -16.7550 -0.39%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs