Big week for Endologix
This article was originally published in The Gray Sheet
Executive Summary
The abdominal aortic aneurysm stent graft maker said Oct. 15 it is reviewing an unsolicited acquisition bid worth about $98 million, or $2.25 per share, from hedge fund Elliott Associates. Endologix said it will "make a determination and respond in due course." Two days later, the firm announced FDA approval of its PMA supplement for the Powerlink XL stent graft system, applicable for wider aortic necks that its currently available Powerlink product. The new graft is approved for proximal aortic necks measuring between 23 and 32 millimeters. Endologix's share price started the week at $1.33 and closed on Oct. 17 at $1.96
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Maker of Powerlink endoluminal stent grafts for abdominal aortic aneurysms rejects as inadequate an unsolicited takeover bid from hedge fund Elliott Associates. The Oct. 13 offer was worth about $98 million, or $2.25 per share. "We believe that volatility in the capital markets has negatively affected micro-cap companies like Endologix, and we expect the situation to improve in the future," CEO John McDermott explains in a Nov. 13 statement (1"The Gray Sheet" Oct. 20, 2008, In Brief)
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