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CryoLife cancels Medafor bid

This article was originally published in Clinica

Executive Summary

In the latest instalment in a turbulent relationship between rival cardiology firms, CryoLife has dropped its acquisition bid for Medafor. The takeover was cancelled after CryoLife (Atlanta, Georgia) accused Medafor of trying to entrench the deal and dilute shareholder value (www.clinica.co.uk, 19 March 2010). “We continue to believe that Medafor is mismanaged and in poor financial condition. As Medafor’s largest shareholder, we are deeply concerned by Medafor’s recent statement that it currently holds only $1m in cash,” said Steven Anderson, CryoLife’s chairman, president and CEO. The hostile bid of $2.00 per Medafor share was launched in January (www.clinica.co.uk, 18 January 2010). Despite the cancellation of the bid, the two firms’ troubles are far from over – last week they became embroiled in a war of words over a distribution deal (www.clinica.co.uk, 23 March 2010).

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