FTC wants more details on $4B Boston Scientific-BTG tie-up

The U.S. Federal Trade Commission wants more information about the proposed $4 billion tie-up of BTG (LON:BTG) and Boston Scientific (NYSE:BSX), but the companies said they still expect the merger to close on schedule in mid-2019. In a regulatory filing today, Marlborough, Mass.-based Boston Scientific said yesterday’s FTC request “is focused on the beads businesses of Boston Scientific and BTG.” The anti-trust regulator’s review means an extension of the waiting period until 30 days after Boston and the British medtech firm comply with the request, according to the filing. “Boston Scientific and BTG intend to respond to the request from the FTC as quickly as practicable and to continue to work cooperatively with the FTC in connection with its review of the transaction,” the companies said, adding that regulators in Germany and Taiwan have already green-lighted the acquisition. BTG shareholders are slated for a vote on the deal Feb. 28, the companies said. The merger, first announced last November, calls for Boston to pay roughly $4.24 billion, or £8.40 per share, for London-based BTG, amounting to a 36.6% premium over BTG’s closing price the day before the announcement and a 51.0% premium over the stock’s 90-day volume-weighted average price up to that date. BTG’s largest division makes devices for oncology and vascular conditions; the company also makes overdose and antivenin drugs for snakebite. In December 2018 Boston Sc...
Source: Mass Device - Category: Medical Devices Authors: Tags: Featured Mergers & Acquisitions Wall Street Beat Boston Scientific BTG Source Type: news