Stryker’s “Patient Safety” Acquisition a Step Closer

Back in January we covered the news that Stryker was to acquire Patient Safety Technologies, Inc. Now it looks like the deal will go through, as shareholders of Patient Safety have voted in favour.

Background

Patient Safety Technologies, Inc., through its wholly owned operating subsidiary SurgiCount Medical, Inc., provides the Safety-Sponge® System, a solution clinically proven to improve patient safety and reduce healthcare costs by helping eliminate retained surgical sponges.

Patient Safety Technologies, Inc.(PST) announced that its stockholders voted at a special meeting held to approve the adoption of the Agreement and Plan of Merger (the “Merger Agreement”) providing for the merger of PST with and into a wholly owned subsidiary of Stryker Corporation.

Approximately 99% of all votes cast, which represents approximately 80% of all outstanding shares on February 24, 2014, the record date for the special meeting, were voted in favor of the merger. PST stockholders also approved the proposal to approve, on an advisory (non-binding) basis, specified compensation payable to the Company’s named executive officers in connection with the merger.

Under the terms of the Merger Agreement, at the closing of the merger PST stockholders will receive: (i) $2.22 in cash per share of common stock of the Company, (ii) $100.00 in cash per share of Series A Convertible Preferred Stock of the Company and (iii) $296.00 in cash per share of Series B Convertible Preferred Stock of the Company. The parties anticipate that the transaction will close on March 24, 2014.

Source: Patient Safety Technologies, Inc., PR Newswire

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