Haemonetics Corporation (NYSE: HAE) today announced the expiration of the subsequent offering period for the cash tender offer by its wholly-owned subsidiary Atlas Acquisition Corp. for Global Med Technologies, Inc.'s (OTC Bulletin Board: GLOB) outstanding shares of common stock, at $1.22 per share, and preferred stock, at $1,694.44 per share. The subsequent offering period expired at 12:00 midnight, Boston, Massachusetts time, on March 31, 2010.
The depositary for the tender offer has advised Haemonetics that, as of the expiration of the subsequent offering period, 3,960 shares of preferred stock and approximately 34,398,052 shares of common stock had been validly tendered (including those tendered during the subsequent offering period). These tendered shares constituted 100% of the outstanding shares of preferred stock and approximately 89.7% of the outstanding shares of common stock. Haemonetics has accepted for payment all shares tendered in the offer.
Haemonetics intends to complete the acquisition of Global Med by merging Atlas Acquisition Corp. into Global Med without a vote of Global Med's stockholders by way of a "short form" merger. In order to accomplish the merger, Atlas Acquisition Corp. will exercise its "top-up" option pursuant to the previously announced merger agreement, which permits it to purchase additional shares of Global Med's common stock directly from Global Med at a price of $1.22 per share. In the merger, all remaining publicly-held shares of Global Med's common stock (other than shares as to which dissenters' rights are validly exercised and perfected under applicable Colorado law) will be converted into the right to receive the same $1.22 per share paid in the tender offer. Following the merger, Global Med will become a whollyowned subsidiary of Haemonetics, and Global Med's common stock will no longer be eligible for quotation on the OTC Bulletin Board.