HeartWare International, Inc. (HTWR), which develops and manufactures miniaturized ventricular assist devices, said Thursday that it has agreed to buy World Heart Corp. (WHRT), which has been engaged in the development of left ventricular assist devices, for consideration of US$8 million, which will be paid in shares of HeartWare common stock or cash, at HeartWare's election.
The per share merger consideration will be determined by dividing $8 million by the number of shares of WorldHeart common stock outstanding on a fully diluted basis, or about $0.29 per share at today's fully diluted WorldHeart common stock outstanding.
The boards of directors of both companies have approved the deal, which is subject to the approval of WorldHeart's stockholders and satisfaction of other customary closing conditions. HeartWare stockholder approval is not required.
The deal is expected to close within about 90 days.
by RTT Staff Writer
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