Micrus Endovascular Corporation (NASDAQ: MEND) announced today that its stockholders approved a proposal to adopt the merger agreement which provides that Micrus is to become a wholly-owned subsidiary of Johnson & Johnson (NYSE: JNJ), among other business, at its 2010 annual meeting of stockholders. Approximately 99 percent of the votes cast - representing nearly 71 percent of Micrus Endovascular's shares outstanding - voted to adopt the merger agreement.
In addition, Micrus Endovascular's stockholders voted in favor of all proposals presented at the annual meeting, including the re-election of the two members of Micrus Endovascular's board of directors who were up for re-election.
The consummation of the merger remains subject to the satisfaction or waiver of certain closing conditions set forth in the merger agreement and discussed in detail in the Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission by Micrus Endovascular on August 13, 2010. The companies expect to complete the merger during the second half of 2010.
Upon completion of the merger, Micrus Endovascular will become a wholly-owned subsidiary of Johnson & Johnson and each share of common stock of Micrus Endovascular will be converted into the right to receive $23.40 in cash.