The proposed merger was announced on June 9, 2009, and is anticipated to close within approximately one week. Under the terms of the merger agreement, CardioDynamics shareholders will receive $1.35 per share in cash, in exchange for each share of common stock. The price represented a 69% premium over the closing share price on June 8, 2009, the day before the definitive merger agreement was announced. Upon closing of the transaction, CardioDynamics shares will be de-listed from The NASDAQ Stock Market.
Michael K. Perry, CardioDynamics Chief Executive Officer, commented, "This acquisition fulfills our board of directors' objective to maximize shareholder value. We are pleased that we will be joining SonoSite, an industry leader in point-of-care medicine, who shares our vision of creating noninvasive technologies that improve outcomes and reduce the cost of patient care. SonoSite recognizes the value that we have produced in creating a new medical marketplace with ICG technology and building a strong physician office sales channel and large installed physician base."
Perry added, "We thank our employees, customers, and partners for their contributions in making ICG an important part of cardiovascular care for the more than 12,000 physicians who use ICG daily. We are excited for the opportunity to combine with SonoSite and leverage our innovative product portfolios and sales channels through each other's existing customer base. This will enable both companies to extend their reach to even more physicians and hospitals for the benefit of patients."
CardioDynamics, the ICG Company, is the innovator and leader of an important medical technology called ICG. The company develops, manufactures, and markets noninvasive ICG diagnostic and monitoring devices and markets proprietary ICG sensors. The company's ICG Systems are being used by physicians around the world to help battle the number one killer of men and women—cardiovascular disease. Partners include GE Healthcare, Philips Medical Systems, and Mindray.
SonoSite Inc. is the innovator and world leader in hand-carried ultrasound. Headquartered near Seattle, the company is represented by ten subsidiaries and a global distribution network in over 100 countries. SonoSite's small, lightweight systems are expanding the use of ultrasound across the clinical spectrum by cost-effectively bringing high-performance ultrasound to the point of patient care. The company employs approximately 700 people worldwide.