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Thermo Cardiosystems

This article was originally published in The Gray Sheet

Executive Summary

Board of directors reaffirms its commitment to proceed with its planned merger with Thoratec Laboratories following a revised, unsolicited, rival bid from Abiomed Jan. 18. Since Abiomed launched the eleventh-hour counter-bid Jan. 4, the firm has increased the percentage of its $11.50-per-share offer that it is willing to pay in cash. The most recent proposal would allow some Thermo Cardiosytems shareholders to elect to receive all cash or all stock, although the aggregate amount of cash and stock distributed would remain the same as in the previous offer (1"The Gray Sheet" Jan. 15, 2001, p. 3). Thermo Cardiosystems shareholders will vote on the Thoratec merger Feb. 13. Separately, Thoratec announced it has filed an investigational device exemption application with FDA for trials of an implantable version of its ventricular assist device (IVAD) for patients awaiting a heart transplant or recovery from open heart surgery

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