Pyng Medical shareholders OK $9m Teleflex takeover

Pyng Medical (CVE:PYT) said yesterday that its shareholders approved an $8.6 million takeover offer from Teleflex (NYSE:TFX), setting the stage for the deal to close April 3.

First announced in early February, the deal calls for a Canadian Teleflex subsidiary to pay 30.2¢ apiece for the roughly 28.5 million shares in Pyng, which makes intraosseous infusion technology, pelvic stabilization & emergency tourniquet devices.

The Supreme Court of British Columbia must still approve the transaction, Pyng said; a hearing is slated for March 29, the company said.

“We are pleased to be able to announce the acquisition of Pyng by Teleflex Medical as the successful outcome of our review of strategic alternatives for the company. Pyng has a highly innovative portfolio of proprietary emergency medical products. Given the capital and marketing expertise required to fully exploit these products, we believe this is an attractive result for our shareholders and that Teleflex will be able to achieve significant market potential for Pyng’s products,” chairman Ronald Blanck said in prepared remarks when the deal was announced.

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