The proxy discloses the following regarding regulatory matters:
The parties filed their respective notification and report forms with the Federal Trade Commission, which we refer to in this proxy statement as the FTC, and the Antitrust Division of the U.S. Department of Justice, which we refer to in this proxy statement as the Antitrust Division, under the HSR Act on August 8, 2007, and the FTC granted early termination of the waiting period under the HSR Act effective [ ], 2007.
The parties also derive revenues in a number of other jurisdictions where merger control filings or approvals may be required or advisable in connection with the completion of the merger. The parties are currently in the process of reviewing where merger control filings or approvals may be required or desirable and will make filings in such jurisdictions.
Evidently, the companies have requested early termination which is somewhat surprising given the fact that there is an overlap in this combination and that medical device mergers in general are somewhat complex matters for the FTC. As discussed previously, the information obtained to this point strongly suggests HSR clearance without any delay. The presence of major catheter manufacturers virtually assures this outcome. In this sense, requesting early termination is somewhat justified.
Details of any/all non-U.S. reviews will be obtained and posted in the near future. The GFCO and EU are candidates for formal reviews as ARRO does have sales in these jurisdictions. However, as with the FTC review, there is no reason to expect interest from any competition-related regulatory in this deal.
Since the first proxy was filed in precisely the anticipated time frame, the close for this transaction remains expected in October -- probably the third or fourth week of that month.
Disclosure: We have no positions of any kind, in any security. We are a completely neutral source of research and analysis.
