Covidien acquires Somanetics for $250 million

Covidien (NYSE: COV), a leading global provider of healthcare products, today announced that it has completed the previously announced acquisition of Somanetics Corporation for an aggregate consideration of approximately $250 million, net of cash and short-term investments acquired.

Pursuant to the terms of the merger agreement, Covidien DE Corp., an indirect wholly-owned subsidiary of Covidien, exercised its option to purchase newly issued shares from Somanetics at the tender offer price of $25.00 per share. Following the purchase, Covidien DE Corp. owned sufficient shares to effect a short-form merger with and into Somanetics, which then became an indirect wholly-owned subsidiary of Covidien. Thereafter, Somanetics common shares ceased to be traded on the NASDAQ Global Market.