Bayer completes takeover of birth-control maker

German chemicals and pharmaceuticals giant Bayer said today that its takeover offer for US birth-control maker Conceptus has been successful.

 

Bayer said in a statement that Conceptus shareholders had accepted its offer of $31.00 per share and sold 31.98 million shares -- or 96.4% of the outstanding share capital.

 

"We are pleased with Conceptus stockholders' positive response to our offer," said Bayer chief executive Marijn Dekker.

 

California-based Conceptus developed the Essure procedure, a non-surgical permanent birth control method.

 

The German group had announced at the end of April that it has agreed to buy Conceptus for $1.1 billion.

 

It said would exercise its "top-up" option whereby Conceptus will issue a number of shares to Bayer, "enabling it to gain full ownership of Conceptus without convening a general meeting of Conceptus stockholders.