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Steris

This article was originally published in The Gray Sheet

Executive Summary

Allows $110 mil. acquisition offer for U.K.-based Isotron plc to lapse, citing the lack of that firm's shareholder acceptance of the deal, Steris says Aug. 12. First announced July 20, the deal was intended to give Steris a foothold for expansion into the European market (1"The Gray Sheet" July 26, p. 9). Isotron is a provider of sterilization services for single-use medical products. Conditioned on a minimum of 90% Isotron shareholder acceptance of the deal, Steris had received only 60.4% of shareholder acceptances by the Aug. 11 due date. Steris concluded it was "not in the best interests of its shareholders to continue with the offer"

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