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news release:
Acquisition of Intermagnetics by Philips
Clears U.S. Antitrust Regulatory Review Waiting Period
Latham, NY, July 24: Intermagnetics General Corporation (Nasdaq:
IMGC), announced today that the waiting period under the Hart-Scott Rodino
Antitrust Improvements Act of 1976 regarding the acquisition of
Intermagnetics by
Philips Holding USA Inc., subsidiary of Koninklijke Philips Electronics, N.V.
(NYSE: PHG, AEX: PHI), has expired. Completion of the transaction remains
subject to satisfaction or waiver of conditions and terms of the merger
agreement, European regulatory approval, and the approval of Intermagnetics'
shareholders. The merger is expected to close during the fourth quarter of
calendar 2006.
Intermagnetics draws on the financial strength,
operational excellence and technical leadership in the market of Magnetic
Resonance Imaging (MRI), as well as its expanding businesses within Medical
Devices that encompass Invivo Diagnostic Imaging (focusing on MRI components &
imaging sub-systems) and Invivo Patient Care (focusing on monitoring & other
patient care devices). Intermagnetics is also a prominent participant in
superconducting applications for Energy Technology. The company has a 35-year
history as a successful developer, manufacturer and marketer of superconducting
materials, high-field magnets, medical systems & components and other
specialized high-value added devices.
Web site:
http://www.intermagnetics.com
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