Opto Circuits to complete Cardiac Science merger in few days

Medical equipment-maker Opto Circuits today said it will conclude the merger of US-based Cardiac Science Corp with itself in the next few days.

In October, India-based Opto Circuits had announced that it would snap up cardiology device-maker Cardiac Science at a price tag of around $85 million (about Rs 375 crore).

The domestic firm has already entered into a definitive pact with the US entity for the deal.

In a regulatory filing, Opto Circuits said the merger is expected to "occur in the next few days". Once the merger is complete, the American firm would become a wholly-owned subsidiary of Opto Circuits.

The domestic company has already completed the acquisition of 76 per cent of the outstanding common stock of Cardiac Science. 'Outstanding common stock' are those shares of a company that are held by the public.

"The company plans to exercise its top-up option under the terms of the merger agreement," the filing said.

The acquisition will help Opto Circuits expand its presence in the non-invasive diagnostic monitoring space and also enter the high growth automated external defibrillation market.

As per their definitive agreement, Opto Circuits will acquire shares of Cardiac Science for $2.30 apiece.

The deal would be entirely in cash tender and transacted by a wholly-owned subsidiary of Opto Circuits, the company said.

Any shares that have not been validly tendered under the offer can be redeemed cash at the same offer rate of $2.30 apiece, it added.

Shares of Opto Circuits today closed at Rs 289.65 on the Bombay Stock Exchange, up 0.64 per cent from the previous close.