Becton Dickinson/Luther Medical
This article was originally published in The Gray Sheet
Executive Summary
Becton Dickinson increases to $4.70 from $4.62-per-share its October bid for each of Luther Medical Products' roughly 3.2 mil. outstanding common stock shares, Luther reports Dec. 8. Terms of the revised deal also call for Luther to grant BD a six-month option for an 18-month license to a Luther needle stick protection patent. The patent relates to technology, for which FDA market clearance was simultaneously announced, that "has the capability of providing a needle stick protection feature to approximately half of the Luther Medical product range," Luther says. In the event that BD fails to consummate the merger, BD would pay Luther $325,000 cash in consideration of the patent option, followed by an additional $200,000 if BD decides to exercise that option