Stryker Corp. said it crossed the 95% thresholds in the share capital and voting rights of Vexim SA and plans to file a proposed public buyout offer.
The Michigan-based company disclosed in October 2017 that it had acquired a majority stake in the France-based medical device maker for about €183 million and planned to push for complete ownership.
Stryker acquired 300,016 additional shares of Vexim on the market after the acquisition of 92.19% of the share capital and 91.56% of the voting rights of Vexim following a simplified public tender offer opened from Nov. 16, 2017, to Dec. 6, 2017.
The company now indirectly, through its French unit Stryker France MM Holdings SAS, holds 8,716,415 shares and voting rights of Vexim, representing 95.48% of the share capital and at least 95.14% of the voting rights.
In the proposed buyout offer, Stryker plans to acquire all the outstanding shares of Vexim it does not own at €20 per share. The buyout offer will be followed automatically by a squeeze-out, or compulsory sale, of all the remaining nontendered shares and will be subject to the clearance decision of the French stock market authority.
The board of Vexim will appoint an independent expert to issue a report regarding the fairness of the financial conditions of the proposed buyout offer followed by a squeeze-out. The squeeze-out is expected to occur during the second quarter of 2018.
Stryker said the suspension of trading of Vexim shares will be maintained until the filing of the proposed offer.