Cooper Cos. Inc. has completed its purchase of 96.99 percent of the Danish in vitro fertilization device maker Origio A/S’ outstanding shares. It now plans to force mandatory redemption of the remaining 3.01 percent of Origio shares under Danish law, Cooper Cos. said in a July 11 Security and Exchange Commission filing.
Cooper Cos., which owns CooperVision Inc. in Fairport, first announced a voluntary tender offer on June 4 to buy all outstanding Origio shares. On June 24, it said it had received approvals of the deal from Origio shareholders controlling 90.4 percent of the Danish firm’s stock.
Acquisition of Origio would significantly enhance Cooper Cos.’ existing in vitro fertilization business, Cooper Cos. CEO Robert Weiss said in a June 4 statement. Origio employs 320 and has sales of some $65 million.
The transaction— valued at $189 million—would be financed with $151 million in equity and $38 million in net debt and was expected to close by the end of August, Cooper Cos. said in June. At Origio’s current share price, the 31.6 million shares of the Danish firm Cooper Cos. now owns are worth approximately $118 million.
Cooper Cos. shares (NYSE: COO) on Wednesday were trading at $76.56, up 86 cents. Origio shares were trading on the Oslo stock exchange at $3.75, down 4 cents.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
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