Updated on 30 May 2013
Bayer received antitrust clearance from US Federal Trade Commission (FTC) to acquire Conceptus
Singapore: Biopharmaceutical company, Bayer, has received antitrust clearance from US Federal Trade Commission (FTC) with respect to acquisition of Conceptus.
The antitrust clearance marks a step toward Bayer's intended acquisition of Conceptus. The transaction remains conditioned upon a minimum tender of at least a majority of the outstanding shares of Conceptus.
On May 7, 2013, Evelyn Acquisition, a subsidiary established by Bayer HealthCare, for the purpose of the acquisition, commenced a cash tender offer for all the shares of Conceptus, at a price of $31 per share. The total value of the transaction amounts to approximately $1.1 billion.
The tender offer is being made pursuant to an agreement and plan of merger, dated as of April 28, 2013, which Bayer announced on April 29, 2013. Conceptus has developed Essure, the only non-surgical permanent birth control method, which it markets in the US and other countries. Following the acquisition, Bayer will be able to offer a complete range of short-term, long-term and permanent contraceptive choices for women.