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Angeion/Medical Graphics

This article was originally published in The Gray Sheet

Executive Summary

Stock swap acquisition of heart and lung disease diagnostic equipment maker Medical Graphics by Angeion is valued at approximately $16.3 mil. Minneapolis-based Angeion will acquire all outstanding shares of Medical Graphics for $2.15 per share under an agreement announced Sept. 23. The merger stems from Angeion's effort since December 1998 to explore strategic alternatives to provide greater shareholder value, including decreasing its presence in the implantable cardioverter defibrillator market. Medical Graphics generated revenues of $20 mil. in 1998 and has 120 employees. President and CEO Richard Jahnke will assume the same titles at Angeion after the merger, and current Angeion President and CEO James Hickey will remain a director. The deal is anticipated to close by year-end

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