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Cyberonics balks at ANS advance

This article was originally published in The Gray Sheet

Executive Summary

VNS Therapy manufacturer says it is "not interested in any combination" in response to ANS' purchase of 14.8% of Cyberonics' common stock on Aug. 12-13 and subsequent entreaty to enter merger talks. ANS' investment came directly after Cyberonics' share price dropped 40% on the news of FDA's rejection of its VNS Therapy PMA for depression (1"The Gray Sheet" Aug. 16, 2004, p. 5). Perhaps to Cyberonics' disdain, much of the decline was regained upon ANS' proposed merger announcement: the issue rose 31% to close the week at $19.58. ANS is the third firm to publicly court Cyberonics, following discarded bids from Medtronic and St. Jude in 2000 and 1996, respectively...

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