With a tender offer by one of its subsidiaries complete, Valeant Pharmaceuticals International, Inc. recently purchased the majority of shares in Synergetics USA, Inc. and completed its merger with the company.
The shares were purchased for $6.50 in cash per share, plus each stock holder of Synergetics received one contractual contingent value right for each share that they held. The value right included receiving up to two contingent payments of up to $1 in cash if certain milestones are achieved.
The depositary for the tender offer, American Stock Transfer & Trust Company, LLC, said that as of the expiration of the offer on Wednesday, 18.2 million shares had been tendered into and not withdrawn from the offer.
As a result of the merger, Synergetics is now a wholly owned subsidiary of Valeant and the common stock of Synergetics is no longer listed for trading on the NASDAQ Capital Market.
Valiant Pharmaceuticals International is a multinational specialty pharmaceutical company based in Canada that develops and markets prescription.
Based in Missouri, Synergetics designs, manufactures and markets precision engineered microsurgical instruments, capital equipment and devices primarily for use in vitreoretinal surgery and neurosurgical applications.