News | September 09, 2009

Covidien Acquires Power Medical Interventions for $65 Million

September 9, 2009 - Covidien, a global provider of healthcare products, announced that it has completed the previously announced acquisition of Power Medical Interventions Inc. (PMI) for an aggregate consideration of approximately $65 million, including assumption of debt.

The acquisition of Power Medical will expand Covidien’s stapling product line and solutions that enable advanced surgical care.

The tender offer expired at 12:00 midnight ET, at the end of September 4, 2009. At that time, the depositary for the offer advised Covidien that 15,210,583 shares of PMI had been validly tendered and not withdrawn, representing approximately 87 percent of the outstanding PMI common shares. All shares that were validly tendered and not withdrawn were accepted for purchase and paid for in accordance with the tender offer. An additional 247,765 shares, or approximately 1.4 percent of the outstanding PMI shares, had been tendered pursuant to notices of guaranteed delivery.

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