HealthTronics set for Endocare buy after Galil settlement
This article was originally published in Clinica
HealthTronics’ acquisition of cryotherapy firm Endocare is to go ahead after the latter terminated a previously announced merger with cryotherapy company Galil Medical. Galil and Endocare settled all outstanding litigation, thus cancelling a merger deal announced in November 2008 (see Clinica No 1327, p 19). Austin, Texas-based HealthTronics will bolster its urology offering by making Endocare (Irvine, California) a wholly-owned subsidiary. As part of the deal, Endocare shareholders will have the option to exchange each share they own for either $1.35 in cash or 0.78 HealthTronics shares. This transaction was originally announced in June this year, prompting legal action from Yokneam, Israel-based Galil (see ‘Galil attempts to scupper Endocare and HealthTronics merger’, June 12 2009). Financial details of the settlement were not revealed.
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