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Kinetic Concepts completes LifeCell tender offer

By Associated Press

May 19, 2008

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Medical technology company Kinetic Concepts Inc. said Monday it completed its cash tender offer for shares of LifeCell Corp.

Kinetic announced the buyout offer in April and has bought 91 percent of shares tendered, with 9 percent left to be acquired through another offering.

The offer was valued at $51 per share, or $1.7 billion, marking an 18 percent premium to LifeCell's stock price at the time it was announced.

LifeCell, which develops tissue-based medical products, is now a subsidiary of Kinetic Concepts and is expected to start adding to earnings per share in 2010. The combined company is expected to have about $2 billion in revenue this year and more than 7,000 employees.

Shares of Kinetic Concepts rose 98 cents, or 2.4 percent, to $41.12 in morning trading.

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