St. Jude Medical Inc. said Wednesday that it has cleared federal antitrust hurdles in its proposed $1.3 billion acquisition of Plymouth-based AGA Medical Holdings Inc., a key step before the deal can be finalized.
Under federal antitrust laws, the cash-and-stock deal cannot be consummated until filings have been submitted to the Federal Trade Commission and the Antitrust Division of the U.S. Department of Justice. Yesterday, both companies said there had been an early termination of a federally required 30-day waiting period.
Little Canada-based St. Jude announced in mid-October that it was buying AGA, which makes devices that plug holes and other structural defects in the heart. Analysts at the time said the deal would help St. Jude broaden its product portfolio, which is heavily oriented toward cardiac rhythm products such as pacemakers and heart defibrillators.
The deal calls for St. Jude to acquire all of the outstanding shares of AGA Medical stock for $20.80 a share. AGA's board has unanimously recommended that its shareholders tender their shares.
The exchange offer is set to expire next Wednesday.
The news Wednesday was released after the markets closed. St. Jude's stock closed at $38.90, down 29 cents, while AGA shares closed at $20.83, up 6 cents.
JANET MOORE
