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St. Jude Medical (NYSE: STJ) and AGA Medical Holdings (Nasdaq: AGAM) $20.67, Up $5.96. Today announced that the Boards of Directors of both companies have approved a definitive agreement under which St. Jude Medical will acquire all of the outstanding shares of AGA Medical for $20.80 per share in a cash and stock transaction valued at approximately $1.3 billion, including the assumption of approximately $225 million in outstanding debt. The transaction is expected to be conducted as an exchange offer followed by a merger and to close by the end of the year.
AGA Medical, with sales of approximately $199 million in 2009, is a global innovator and manufacturer of a comprehensive line of devices used to treat structural heart defects and vascular abnormalities through minimally invasive transcatheter treatments. The combination of the complementary product lines of St. Jude Medical and AGA Medical will create a clear leader in the structural heart market, making St. Jude Medical the only company with programs across all major categories that include structural heart defects, left atrial appendage occlusion, transcatheter aortic valve implantation and percutaneous mitral valve repair.
What They Do: AGA Medical, based in Plymouth, Minn., is a leading innovator and manufacturer of medical devices for the treatment of structural heart defects and vascular abnormalities.
Highway Holdings Limited (Nasdaq: HIHO) $2.85, UP $0.76. Today announced it has received orders valued at approximately $5.56 million for protective cases for a popular mobile phone from a U.S.-based supplier of these accessories. The manufacture of protective cases for the initial two-month order has commenced and delivery is expected to be completed within sixty days. Highway Holdings anticipates receiving similar ongoing monthly orders upon achieving full production capacity.
What They Do: Highway Holdings produces a wide variety of high-quality products for blue chip original equipment manufacturers -- from simple parts and components to sub-assemblies.
Rock of Ages Corporation (Nasdaq: ROAC) $5.13, Up $1.03. Today announced that it has entered into a definitive merger agreement with Swenson Granite Company LLC (“Swenson Granite”) whereby shareholders of Rock of Ages will receive $5.25 per share in cash, and Swenson Granite will acquire 100% ownership of Rock of Ages.
The Rock of Ages Board of Directors, based in part on the unanimous recommendation of a special committee of three Rock of Ages independent directors, unanimously adopted, and recommends that shareholders of the Company vote for approval of, the merger agreement. The special committee’s independent financial advisor has delivered an opinion to the effect that the $5.25 per share to be received by Rock of Ages shareholders in the merger is fair, from a financial point of view, to such shareholders. The $5.25 per share price represents a 57% premium to the average closing price of Rock of Ages Class A common stock for the 30 days prior to the May 7, 2010 announcement of Swenson Granite’s initial proposal to acquire 100% ownership of Rock of Ages, and a 84% premium to the average closing price for the 12 months prior to the May 7, 2010 announcement.
What They Do: Rock of Ages is the largest integrated granite quarrier and manufacturer of finished granite memorials and granite blocks for memorial use in North America.
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