Tender Offer
12 Juni 2001 - 4:04PM
UK Regulatory
RNS Number:1176F
Gyrus Group PLC
12 June 2001
Gyrus Group PLC ("Gyrus")
Completion of Somnus Tender Offer
Gyrus and its wholly owned subsidiary, Gyrus Acquisition, Inc., a Delaware
company, announced today the successful completion of their cash tender offer
to purchase shares of Somnus Medical Technologies, Inc. (NASDAQ: SOMN) at
$3.11 per share, and announced that Gyrus Acquisition, Inc. had accepted for
payment the 1,212,967 shares of common stock of Somnus that had been tendered
during the subsequent offering period, which period expired at 12:00 midnight,
New York City time, on Monday, June 11, 2001.
After giving effect to the additional shares tendered during the subsequent
offering period, a total of 16,158,879 shares of Somnus stock (approximately
93.1% of the outstanding shares) were validly tendered pursuant to the offer.
As previously announced, Gyrus Acquisition, Inc. will be merged with Somnus.
As a result of the merger, Somnus will become 100% owned by Gyrus Group. In
the merger, shareholders will receive the same consideration of $3.11 per
share as was received by shareholders who tendered in the offer. Gyrus Group
expects the merger transaction will be completed within the next few days.
Gyrus Group develops bipolar radio frequency technologies for the minimal
access surgery markets, with a particular concentration in the laparoscopic,
arthroscopic, hysteroscopic and urology markets. Somnus designs, develops,
manufactures and markets innovative medical devices that utilize their
proprietary temperature controlled radio frequency, or TCRF, technology for
the treatment of upper airway disorders.
Enquiries
Gyrus Group PLC Tel: 01189 219750
Dr Mark Goble, Managing Director
Tom Murphy, Finance Director
WestLB Panmure Limited Tel: 020 7638 4010
Chris Collins/Dominic Morley/Juliet Thompson
Nomura International plc Tel: 020 7521 2000
Charles Spicer/Steve Adkin
Financial Dynamics Tel: 020 7831 3113
Edward Bridges/ Sarah Manners
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