Vascular Solutions to be Acquired by Teleflex Incorporated
Dec 14, 2016 09:53AM ● Published by Wendy Erlien
(photo provided by Vascular Solutions)
Vascular Solutions, Inc., founded in 1997, is a medical device company focusing on products coronary and peripheral vascular procedures sold to interventional cardiologists, interventional radiologists, electrophysiologists, and vein specialists throughout the United States and internationally.
Vascular Solutions, Inc. is located at 6464 Sycamore Court North in Maple Grove.
“As our Board discussed the future of Vascular Solutions, we determined that now is the time for the right partner to take over our successful and growing business. Following the jury verdict in February vindicating Vascular Solutions and me, I took some time to consider what I want to do next and what risks I want to continue to assume,” Vascular Solutions CEO Howard Root shared in a press release. “At the end of that process, I concluded that, while I still love Vascular Solutions 20 years after I started the company, I am not willing to assume much longer the personal risk associated with being the CEO of a public medical device company. Given the resulting uncertainty in the future leadership of our company, the Board believed it was in the best interests of our shareholders to evaluate alternatives to Vascular Solutions continuing as a stand-alone public company. As the Board completed its thorough evaluation process, we unanimously became convinced that the proposed acquisition by Teleflex is in the best interests of our shareholders, and that Teleflex is the right partner for our employees and our customers to continue to grow our business, both clinically and professionally, for many years to come.”
Per Vascular Solutions, the acquisition purchase price is $56 per share. “The transaction implies an equity purchase price of $1.0 billion. Upon completion of the transaction, Vascular Solutions will become a wholly owned subsidiary of Teleflex,” Vascular Solutions stated.
Maple Grove Voice did not receive a response from Vascular Solutions to an additional request for comment about the acquisition.