This Canadian National Post report
, among many yesterday and today, outlines ANS [company website
] and Cyberonics [company website
Advanced Neuromodulation Systems bids US$22 a share for Cyberonics
Canadian Press (copyright)
Thursday, September 16, 2004
DALLAS (AP) - Advanced Neuromodulation Systems Inc. said Wednesday that it offered to buy fellow medical-device maker Cyberonics Inc. for $22 US a share, putting a price on the business combination it proposed last month.
The combination of the only two publicly held companies solely devoted to neuromodulation would make them both more competitive and lead to more innovation in the field, said Chris Chavez, president and chief executive of ANS, in a statement.
Neuromodulation uses implanted devices to stimulate and manipulate nervous system response. ANS makes radio-wave devices that disrupt pain signals sent by the nervous system. Cyberonics makes a device for epileptics that is implanted under the collarbone and helps control seizures by stimulating the vagus nerve.
ANS said its cash-and-stock offer represents a premium of 47 per cent over Cyberonics' closing price of $14.95 US on Aug. 19 and a premium of 29 per cent over the closing price of $17.05 on Sept. 13.
ANS reported on Aug. 20 that it had acquired 14.9 per cent of Cyberonics' outstanding common stock and said then that it hoped to combine the two companies. Cyberonics said at that time that it had no interest in any business combination or merger.
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