BD wins Chinese clearance for Bard buy, expects to close tomorrow

Becton Dickinson (NYSE:BDX) said today that China’s Ministry of Commerce has cleared its acquisition of  C. R. Bard (NYSE:BCR), and that the deal is expected to close tomorrow.

The news comes only a day after the company said that the US’s Federal Trade Commission gave the go-ahead to the merger, with the caveat that it divests of its soft-tissue core needle biopsy product line and Bard’s Aspira tech.

Franklin Lakes, N.J.-based Becton Dickinson said that its proposed a divestiture of the soft tissue core needle biopsy product line to Merit Medical (NSDQ:MMSI), which it announced in mid-November, is conditioned on approval from China’s Ministry of Commerce.

“MOFCOM clearance was the final regulatory approval needed to complete the Bard acquisition. We look forward to closing the transaction and welcoming Bard’s products and associates to the BD family,” chair & CEO Vincent Forlenza said in a prepared statement.

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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