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CryoLife ends Medafor acquisition bid

This article was originally published in The Gray Sheet

Executive Summary

Developer of human-tissue-based products ends its bid to acquire privately held surgical hemostat maker Medafor for $2 per share, citing Medafor's reluctance to enter into a purchase agreement and frustration with a recent Medafor deal with component supplier Magle Life Sciences, which CryoLife believes has caused "significant dilution" in Medafor shareholder value. Medafor announced on March 18 that it would treat as terminated the exclusive distribution agreement that it has with CryoLife, citing CryoLife's "failure to provide adequate assurance that it would properly perform its obligations" under the deal. CryoLife remains Medafor's largest shareholder (1"The Gray Sheet" Jan. 18, 2010)
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