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TSO3 shareholders approve US$51.7M acquisition by Stryker

TSO3 Inc.'s shareholders approved a plan of arrangement under which the company will be acquired by Stryker Corp.

Under the deal, a unit of Kalamazoo, Mich.-based medical-device maker Stryker will acquire all issued and outstanding shares of TSO3 for 43 Canadian cents apiece.

TSO3 previously said the deal values the company at a total enterprise value of about C$68.4 million or about US$51.7 million, including debt.

The arrangement was approved by 75.24% of the votes cast by TSO3 shareholders present at a special meeting.

Completion of the deal is still subject to certain conditions, as well as the final approval of the Superior Court of Quebec. The arrangement is expected to be completed on or about Oct. 1.

Quebec City-based TSO3 produces sterilization processes and related supplies for medical devices.