Endologix rebuffs takeover bid
This article was originally published in The Gray Sheet
Executive Summary
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)