BD tacks another extension onto Bard tender offer

Share

C.R. Bard and Becton Dickinson

Becton Dickinson (NYSE:BDX) today announced yet another extension to its tender offer for up to $1.1 billion in outstanding C. R. Bard (NYSE:BCR) notes, pushing the deadline back from November 28 to December 14.

The $317-per-share deal, announced last April, is expected to close during the fourth quarter. BD won conditional EU approval for the deal last month. BD is offering to buy up roughly $500 million in 4.4% Bard notes due 2021, $500 million in 3% notes and $149.8 million in 6.7% notes, both due 2026.

In the exchange so far, the Becton Dickinson has validly tendered approximately 86.5% of its 4.4% notes due 2021, 91.5% of its 6.7% notes due 2026 and 94% of its 3% notes due 2026, according to a press release.

The Franklin Lakes, N.J.-based company announced an initial extension from June 5 to July 3, and has since extended four more times, now aiming to close the offer in December.

For each of the notes in the offering, BD said it will offer $970 principal amount of equal BD notes as well as between $2.50 and $20 cash, with an early tender premium of $30 principal amount of equal BD notes. The company said it is also soliciting consents to adopt certain proposed amendments to each of the indentures governing Bard notes to eliminate restrictive covenants.

In May, BD announced the exchange offer alongside a registered offering of $2.25 billion in common stock at $1 per share, with an additional $2.25 billion in depository shares, each representing a 1/20th interest in its mandatory convertible preferred stock at $1 per share.

The offering round included an underwriters option to purchase up to an additional $225 million in common stock and $225 million in depository shares. Proceeds from the offering were slated to support its acquisition of Bard.

BD extends Bard tender offer through November

Share

C.R. Bard and Becton Dickinson

Becton Dickinson (NYSE:BDX) today announced another extension to its tender offer for up to $1.1 billion in outstanding C. R. Bard (NYSE:BCR) notes, moving the deadline from October 26 to November 28.

The $317-per-share deal, announced last April, is expected to close during the fourth quarter. BD won conditional EU approval for the deal earlier this month. BD is offering to buy up roughly $500 million in 4.4% Bard notes due 2021, $500 million in 3% notes and $149.8 million in 6.7% notes, both due 2026.

So far, the Becton Dickinson said it has validly tendered approximately 85.6% of its 4.4% notes due 2021, 91.5% of its 6.7% notes due 2026 and 94% of its 3% notes due 2026.

The Franklin Lakes, N.J.-based company announced an initial extension from June 5 to July 3, and has since extended three more times, now aiming to close the offer in November.

For each of the notes in the offering, BD said it will offer $970 principal amount of equal BD notes as well as between $2.50 and $20 cash, with an early tender premium of $30 principal amount of equal BD notes. The company said it is also soliciting consents to adopt certain proposed amendments to each of the indentures governing Bard notes to eliminate restrictive covenants.

In May, BD announced the exchange offer alongside a registered offering of $2.25 billion in common stock at $1 per share, with an additional $2.25 billion in depository shares, each representing a 1/20th interest in its mandatory convertible preferred stock at $1 per share.

The offering round included an underwriters option to purchase up to an additional $225 million in common stock and $225 million in depository shares. Proceeds from the offering were slated to support its acquisition of Bard.

Meet 5 companies developing novel drug-delivery devices

  • Integer posts street-beating Q3

    Integer today posted third quarter earnings that beat expectations on Wall Street. The Frisco, Texas-based company posted profits of $13.7 million, of 43¢ per share, on sales of $363.3 million for the 3 months ended September 29, seeing bottom-line growth of 19.5% while sales grew 4.8% compared to the same period last year. Adjusted to […]

  • Flex posts Q2 FY2018 earnings beat

    Flex today posted second quarter 2018 earnings results that met expectations on Wall Street. The San Jose, Calif.-based company posted profits of $205.1 million, or 38¢ per share, on sales of $6.3 billion for the 3 months ended September 30, seeing the bottom line swing from $2.5 million in the red while sales grew 4.4% […]

  • Validation and testing: What you need to know

    James Woods, Senior Research Scientist, Jordi Labs In an increasingly competitive medical device industry, it’s still important that validation and testing is done right. Here are four things to keep in mind. Medical device industry leaders these days are driving results at an ever-increasing pace. Amid patent limitations, intense competition and acute regulatory scrutiny, there’s […]

  • Raumedic to present polymer solutions at Compamed and Medica

    Raumedic will be presenting its polymer solutions for medical and pharmaceutical applications at Compamed and Medica on Nov. 13-16 in Düsseldorf, Germany. The company is showcasing its highly flexible, high-pressure tubing that is used for angiography as well as its disposable cartridges for wearable drug delivery systems. High-pressure tubing for angioplasty needs to have optimal […]

  • Navigating the FDA for connected devices

    Aiden Petrie, Chief Innovation Officer, Emeritus, Ximedica As connectivity features become increasingly prevalent, developers are tasked with accounting for regulatory implications in increasingly long-term plans. Let’s imagine a product that dispenses a drug for eczema. At its most basic, the dispenser is little more than a package for the primary drug container and so falls […]

  • Tegra Medical touts toolmaker apprentice program

    Tegra Medical is touting its toolmaker apprentice program to help build its skilled manufacturing workforce. The apprentice program is a four-year program that requires participants to be enrolled in a local engineering program. Tegra Medical will pay their tuition and salary in return. The opportunity allows for apprentices to start their careers in toolmaking. Nick […]

  • Icon shares rise on Q3 beat-and-raise

    Shares in Icon rose today after the company beat expectations on Wall Street with its third quarter earnings results. The Dublin, Ireland-based company posted profits of $74.2 million, or $1.35 per share, on sales of $440.3 million for the 3 months ended September 30, seeing bottom-line growth of 10% while sales grew 4.8% compared with […]

  • The top 10 medical disruptors of 2018

    Each year the Cleveland Clinic determines what the top 10 disruptors in healthcare will be for the following year. The criteria to be considered a disruptor is that it has to be so innovative that it could change healthcare in a significant way in the next year. Approximately 150 to 200 Cleveland Clinic physicians from […]

  • Proto Labs gains on Q3 sales, earnings beats

    Shares in Proto Labs (NSDQ:PRLB) are up today after the contract manufacturer beat the consensus forecast on Wall Street for its third-quarter sales and earnings. Maple Plain, Minn.-based Proto Labs posted profits of $13.2 million, or 49¢ per share, on sales of $88.1 million for the three months ended Sept. 30, for a bottom-line gain […]

  • Factory CRO acquires MileStone Research Organization

    Factory CRO announced that it has acquired MileStone Research Organization. The financial details of the deal were not disclosed. “The merger with MileStone is an important step in building Factory’s operational strength and service range in North America,” Dirk Meijer, Factory CRO’s CEO, said. “MileStone is an excellent fit therapeutically, as well as culturally, and […]

  • Overmolding silicone onto thermoplastics: what you need for success

    David Mulera, VP, Engineering, MedPlast Overmolding silicone onto thermoplastics can be challenging, but offers advantages over TPEs that include chemical resistance, tensile strength, and compression set. Here are some best practices to maximize your success. Overmolding has become a fundamental technique for medical component manufacturers in recent years. It reduces assembly costs, improves quality and […]