Medtronics is entering the sleep apnea device market with this acquisition....and the company was just about out of cash at this point...BD
Medtronic Inc. has agreed to acquire Restore Medical Inc. for $29 million, a deal that rescues the cash-starved company from possible insolvency.
The medical-device giant will pay $1.60 per Restore share, almost three times its closing price Tuesday of 55 cents a share, but well below Restore's Wall Street debut of $8 a share in 2006. No decisions have been made about job cuts or the fate of Restore's senior management team, officials from both companies said.
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