FTC clears BD’s Bard acquisition

The U.S.’s Federal Trade Commission has given Becton Dickinson (NYSE:BDX) the green light to go through with its C. R. Bard (NYSE:BCR) acquisition, as long as it divests of its soft-tissue core needle biopsy product line and Bard’s Aspira tech.

“FTC approval brings us one step closer to full regulatory clearance of the Bard acquisition,” BD chairman & CEO Vincent Forlenza said in prepared remarks. “We currently expect that the Bard acquisition will close in December, pending approval by the Ministry of Commerce of the People’s Republic of China (MOFCOM) and the satisfaction of customary closing conditions.”

Earlier this month, BD added another extension onto its tender offer for up to $1.1 billion in outstanding Bard notes.

BD first announced the $317-per-share deal in April and it won conditional approval in the EU in October.

In the tender offer, BD said it could buy up to roughly $500 million in 4.4% notes due 2021, $500 million in 3% notes and $149.8 million in 6.7% notes, both due 2026.

For each of the notes in the offering, BD plans to offer $970 principal amount of equal notes as well as between $2.50 and $20 cash, with an early tender premium of $30 principal amount of equal BD notes. The company is also soliciting consents to adopt certain proposed amendments to each of the indentures governing Bard notes to eliminate restrictive covenants.

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