Vascular Solutions shareholders approve $1B Teleflex takeover

The $1 billion takeover of Vascular Solutions (NSDQ:VASC) by Teleflex (NYSE:TFX) is slated to close today after Vascular Solutions shareholders yesterday approved the deal.

The $56-per-share sale brings a portfolio of more than 90 coronary and peripheral vascular devices under the Teleflex umbrella. When the deal was announced last December, Teleflex CEO Benson Smith said that part of the acquisition’s appeal was that the portfolio creates synergies because it “fits into our existing strategic business unit franchises and call points.”

Owners of some 77.6% of the nearly 17.6 million VASC shares participated in the meeting, with 13.5 million or 99.2% voting to approve the merger. A vote on compensating executives passed on a 91.9% vote, at 12.5 million shares.

In January a group of shareholders sued to block the merger, arguing that the deal undervalues Vascular Solutions and locks out any competing bids. The purported class action, filed Jan. 27 in the U.S. District Court for Minnesota, alleges that the $56-per-share Teleflex deal is an “inadequate consideration” for Vascular Solutions.

If the deal closes today, VASC shares will cease trading after the market closes, the company said.

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