In a letter to Medafor's Board of Directors, CryoLife Inc. (CRY) urged Medafor to enter into discussions with CryoLife in a timely manner as delaying negotiations with CryoLife simply delays the creation of value for Medafor's shareholders.
CryoLife said although it prefers to work with Medafor and Medafor's advisors to negotiate a mutually agreeable transaction, in the event that Medafor continues to delay or refuse to meet with CryoLife, it will be forced to consider all its options. This includes exercising its right to call a special shareholders meeting as provided for under Medafor's bylaws.
On January 13, 2010, CryoLife sent a letter to Medafor's board of directors proposing to acquire all of Medafor's remaining outstanding shares for $2.00 per share, to be paid in cash and stock, subject to completion of reasonable due diligence.
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