This article was originally published in The Gray Sheet
Executive SummaryHas reached a tentative agreement to buy the 1 mil. shares of R2 Medical Systems held by the Ventana Growth Fund, L.P. and the Ventana Growth Fund II, L.P. for a price of $6.50 per share as part of its effort to buy the firm. Cardiotronics had previously announced an agreement, pending due diligence, to purchase the shares from Darox Corp. ("The Gray Sheet" July 4, p. 33). Darox is R2's former parent and is owned by the Ventana entities. Cardiotronics is also is attempting to purchase the remaining 1.65 mil. shares of R2 common stock for $5.25 per share. R2 says the offer is still in the negotiating stage and no formal agreements have been reached. R2 rejected Cardiotronics previous offer to purchase the company at $4 a share in May ("The Gray Sheet" May 16, p. 24)
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