News | July 22, 2007

Teleflex to Acquire Arrow International in $2.0 Billion Transaction

July 23, 2007 - Teleflex Inc., a global supplier of disposable medical products used in critical care, specialty medical, and surgical applications and Arrow International Inc. announced today that they have entered into a definitive agreement pursuant to which Teleflex will acquire Arrow in an all cash transaction valued at approximately $2 billion.
The merger agreement, which was unanimously approved by both companies' Boards of Directors, provides for a cash payment of $45.50 per share for each outstanding share of Arrow stock, representing a premium of 20 percent over Arrow's closing share price on July 20, 2007.
"With the execution of this merger agreement, Teleflex is redefining its portfolio and its Medical Segment by creating a $1.4 billion medical technology business that will be the largest source of the company's revenues and profitability," said Jeffrey P. Black, Chairman of the Board and Chief Executive Officer of Teleflex. "With the addition of Arrow, we expect that by fiscal 2008 the Medical Segment should achieve annual revenues of approximately $1.5 billion and generate operating margins in the 20 percent range. We expect the transaction to be meaningfully accretive to Teleflex's earnings by 2009."
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