Invivo acquisition gets on track

January 28, 2004

The waiting is over for Intermagnetics. The time set aside under the Hart-Scott Rodino Antitrust Improvements Act of 1976 has expired without any requests for additional information regarding the company's proposed acquisition of Invivo, a manufacturer

The waiting is over for Intermagnetics. The time set aside under the Hart-Scott Rodino Antitrust Improvements Act of 1976 has expired without any requests for additional information regarding the company's proposed acquisition of Invivo, a manufacturer of patient monitoring devices, including ones compatible with MR. The two companies are now able to proceed with the acquisition.

Invivo signed a definitive purchase agreement in mid-December for an all-cash transaction under which Intermagnetics will acquire all of Invivo's outstanding stock for $22 per share.

Intermagnetics' proposed expansion is coming in the context of improving financial results. The company announced last month that second-quarter net income rose about 21% to $4.4 million. Second-quarter net sales increased to $39.9 million from $36.7 million on increased sales and profits in its instrumentation sector, as well as a return to normalized sales and continued gains from its MRI product lines.