MERGERS AND ACQUISITIONS St. Jude Medical Inc., Little Canada, and EP MedSystems Inc., West Berlin, N.J., Thursday announced a July 1 deadline for EP MedSystems shareholders to decide whether they want cash or stock in connection with the previously announced acquisition of EP MedSystems. The transaction is scheduled to close July 3, provided EP MedSystems shareholder approval is obtained. Final shareholder results will be announced July 7. EP MedSystems shareholders will receive either $3 in cash or approximately $3 of St. Jude common stock for each EP MedSystems share.
Company news
June 27, 2008 at 2:42AM
Wind Energy America Inc., Minneapolis, has completed its asset acquisition with Boreal Energy Inc., a Minnesota corporation. Under an agreement with Boreal Energy, Inc., Wind Energy had the right to accept stock in Navitas Energy Inc., a Gamesa subsidiary, or accept an equivalent value of assets. During due diligence, it was determined that acquiring revenue-producing assets was in Wind Energy's best interest.
NEW PRODUCTS St. Jude Medical Inc., Little Canada, said that the first two patients have been implanted with its Libra Deep Brain Stimulation System in its Broaden clinical trial studying whether deep brain stimulation can alleviate depression.
NEW BUSINESS Northstar Aerospace, Duluth, will train and promote current machine operators and Computer Numeric Controlled machinist employees through a partnership with Lake Superior College and the Department of Employment and Economic Development's Minnesota Job Skills Partnership. The $201,284 partnership grant will support a three-year training collaboration; Northstar Aerospace will contribute more than $306,700 to fund the training project.
Southwest Casino Corp., Shakopee, has an agreement with a subsidiary of Palace Resorts to manage the casino at the Moon Palace Casino, Golf and Spa Resort in Punta Cana, Dominican Republic.
DEBT AND EQUITIES Medtronic Inc., Fridley, has raised its quarterly dividend to 18.75 cents per common share, payable July 25 to shareholders of record July 3.
Innovex Inc., Plymouth, completed restructuring its long-term debt facilities with the company's Thai banking partners, Bank of Ayudhya Public Co. and TMB Bank Public Co. The debt restructuring will defer all principal payments originally scheduled in the company's fiscal 2008 third and fourth quarters, change payments from quarterly to monthly, reduce payments in fiscal 2009 and extend the payment schedule until September 2012.
PERSONNEL MOVES Marc Verbruggen has been named president and chief executive officer of NatureWorks, Minnetonka. Verbruggen, who had been president of the Teijin subsidiary Toho Tenax America, replaces Dennis McGrew, who will remain with the company in an advisory capacity.
Medtronic Inc., Fridley, has named Chief Executive Officer William Hawkins chairman of the board of directors, effective Aug. 21. He is to succeed Board Chair Arthur Collins, who will retire from the board at that time.
about the writer
Target sponsored the event for 18 years, but the organization cut ties after the retailer scaled back its DEI efforts.
