German conglomerate Bayer AG (BYR.L,BAYRY.PK,BAYZF.PK) Wednesday announced that it has obtained antitrust clearance from the US Federal Trade Commission or FTC, related to its acquisition of California-based Conceptus, Inc. (CPTS).
It was on April 29, that Bayer HealthCare LLC, a unit of Bayer AG said it has agreed to buy Conceptus, the developer of the only non-surgical permanent birth control method, Essure procedure, for about approximately $1.1 billion or about 852 million euros.
According to Bayer, Conceptus markets Essure in the U.S. and other countries. Bayer said the acquisition will help it offer a complete range of short-term, long-term and permanent contraceptive choices for women.
For its first quarter, Conceptus had reported a profit, compared with last year's loss, benefited by strong U.S. sales of Essure. U.S. sales were $26.5 million, 21.7 percent higher than last year, benefited by a 22.2 percent increase in sales of Essure in the region. International sales grew 5 percent.
Bayer said it has received the FTC's clearance within the relevant waiting period under US antitrust law, which expired on Tuesday. However, the transaction remains conditioned upon a minimum tender of at least a majority of the outstanding shares of Conceptus.
On May 7, Evelyn Acquisition Company commenced a cash tender offer for all the shares of Conceptus at a price of $31 per share. Evelyn is a unit established by Bayer HealthCare LLC, for the purpose of the acquisition. The tender offer follows an Agreement and Plan of Merger announced on April 29.
The board of directors of Conceptus has unanimously recommended its stockholders to accept the offer, which expires at 12:00 midnight, New York City time on June 5, 2013, unless the tender offer is extended or earlier terminated by Bayer.
On Frankfurt's Xetra, Bayer shares are currently trading at 85.36 euros, down 1.24 euros or 1.43 percent.
On Nasdaq, Conceptus shares closed Tuesday's trading at $30.94, down 0.10 percent.
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