Sorin-Cyberonics Merger Receives US Antitrust Approval
Sorin SpA, a global medical device company that focuses on the treatment of cardiovascular diseases, and Cyberonics Inc, a medical device company with core expertise in neuromodulation, announced that the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, relating to their pending merger, has expired, thereby satisfying one of the conditions required to finalize the merger transaction.
As previously announced, Sorin and Cyberonics entered into a merger agreement pursuant to which the two companies will combine in an all-stock transaction. The proposed combination of Sorin and Cyberonics will create a new global medical technology company.
The transaction, unanimously approved by the boards of directors of both companies, is currently expected to be completed by the end of the third calendar quarter of 2015. The transaction is subject to approval by both Sorin and Cyberonics shareholders, the receipt of required regulatory clearances, and other customary closing conditions.