Artificial heart (mechanical circulatory support) company, Thoratec Corporation has confirmed that its acquisition by St. Jude Medical will now go ahead following the expiration of the “go shop” period included in the previously announced merger agreement.
In case you were wondering, a “Go Shop” period refers to the peculiar process during which a company agrees with its suitor a period of time during which it is allowed to flaunt itself in front of the rest of the room to see if it can get a better offer. In so doing, it hopes to assuage the concerns of its own shareholders that there isn’t a better deal out there. In the case of Thoratec, there wasn’t. According to a newly release press statement, “Thoratec and its representatives solicited alternative acquisition proposals during the go shop period. No acquisition proposals were received and the merger with St. Jude Medical is scheduled to close during the fourth quarter, subject to regulatory and shareholder approval.”
Source: PR Newswire