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Given Imaging Shareholders Meeting Today Approve Covidien Merger

Covidien is acquiring Given Imaging at a valuation of $970 million.
PillCam® SB 3

Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) announced that at a special shareholders’ meeting held today in Yoqneam, Israel,  the Company approved the Merger with Ireland’s Covidien plc (NYSE: COV) by shareholders and by the Antitrust Authority.

The merger is now anticipated to close by the end of February 2014.

The merger includs the subsidiary of Covidien Group S.a.r.l., a Luxembourg company and an indirect, wholly-owned subsidiary of Covidien plc, as a result of which the Company will become a wholly-owned subsidiary of Covidien.

Covidien acquired all of Given Imaging’s shares at $30 per share, giving a valuation of $970 million, fully diluted (about $860 million excluding Given Imaging’s cash). Given Imaging has developed the PillCam endoscopic camera for the gastrointestinal tract.

The company began at Rafael Advanced Defense Systems Ltd., which converts military technology to civilian use through subsidiary Rafael Development Corporation.

Given Imaging’s technology is one of these developments. Given Imaging seen as an example of an Israeli successful  medical devices company. The company went public on Nasdaq in 2001 and dual listed on the Tel Aviv Stock Exchange (TASE) in 2004.

 

 

 

 

 

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