Healthcare Industry News: valve repair
News Release - March 22, 2010
Board of Directors to Evaluate Request for Exclusive Due Diligence for the Purpose of Launching a Possible Public Offer on Sorin S.p.A.MILAN--(HSMN NewsFeed)--The Company (MIL:SRN) has announced that it has today received a letter requesting permission to conduct, on an exclusive basis, a due diligence on the Company, under appropriate confidentiality measures on behalf of a consortium composed of Ares Life Sciences AG, Essex Woodlands Health Ventures UK Ltd, Intesa SanPaolo S.p.A. and Alpha Private Equity Funds, (‘Consortium’).
The Consortium requests the conduct of due diligence in order to evaluate a possible public, voluntary tender offer for the entire share capital of the Company, on the basis of a preliminary valuation for each share of Sorin S.p.A. of between Euro 1.40 and Euro 1.55.
The Consortium also discloses that discussions are underway with Equinox Two S.c.A. and Mittel S.p.A., on an exclusive basis, to evaluate their possible co-investment alongside the Consortium, as well as their acceptance of a possible public offer made on the Company. The Consortium also indicates that it has opened negotiations to obtain financing necessary for the transaction.
The Board of Directors is expected to meet on Thursday March 25th, 2010 to examine the request from the Consortium to conduct exclusive due diligence on the Company.
About Sorin Group
Sorin Group (www.sorin.com) is a global company and a leader in the treatment of cardiovascular diseases. The company develops, manufactures and markets medical technologies and innovative therapies for cardiac surgery and for the treatment of cardiac rhythm disorders.
With 3,500 employees worldwide, the Group focuses on three major therapeutic areas that include: cardiopulmonary bypass (extracorporeal circulation and autotransfusion systems), cardiac rhythm management, and heart valve repair and replacement. Every year, over 1 million patients are treated with the devices of Sorin Group in more than 80 countries.
For more information, please visit: www.sorin.com.
Source: Sorin Group
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