Boston Scientific shareholders advised to approve
22 March 2006 00:00 in Medical Company Financials
Boston Scientific and Guidant have announced that the independent proxy advisory firm, Institutional Shareholder Services (ISS), has advised that both companies' shareholders vote in favour of a planned merger.
On March 31st a special meeting of shareholders will take place where the proposed combination of the two companies will be put to a vote.
In a report on the proposed venture, ISS said that a merger ? whereby Boston Scientific would acquire Guidant ? would allow the company to "diversify its product offerings".
"We are pleased ISS has recommended that Boston Scientific's and Guidant's shareholders vote for this combination, which will create a global leader in cardiovascular devices," said Boston Scientific president and chief executive officer Jim Tobin.
"We look forward to receiving support from both companies' shareholders at the special meetings on March 31st, and we expect to close the transaction during the first week of April."
The deal, a cash and stock purchase, will see Boston pay the equivalent of $80 per share for Guidant, a total of some $27 billion.
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