Through a tender offer by its wholly owned subsidiary, Packer Acquisition Corp. (the purchaser), Opto Circuits had previously acquired approximately 92.8% of the outstanding shares of Criticare common stock for a purchase price of $5.50 per share in cash and without interest. As the final step of the acquisition, Opto Circuits caused the purchaser to merge with and into Criticare, effective April 10. In the merger, each Criticare share not purchased in the tender offer, other than shares for which statutory appraisal rights are properly exercised, was converted into the right to receive the same $5.50 per share in cash and without interest, as received by Criticare stockholders in the tender offer. As a result, Criticare is now a wholly owned subsidiary of Opto Circuits.
About Opto Circuits
Opto Circuits (India) Limited is a leading Indian manufacturer and developer of medical devices, whose products include digital thermometers, sensors, probes, pulse oximeters, patient monitoring systems, cardiac stents, and catheters.
Criticare Systems Inc. designs, manufactures, and markets cost-effective patient-monitoring systems and noninvasive sensors for a wide range of hospitals and alternate health-care environments throughout the world.