Shareholder Meeting to Vote on
Acquisition Set for September 26, 2006
Agreement in Principle Reached to
Settle Shareholder Litigation Related to the Merger
Latham, NY, August 18:
Intermagnetics General Corporation (Nasdaq:
IMGC) today announced that the Securities and Exchange Commission (SEC) has
declared effective Intermagnetics' proxy statement for the
acquisition of Intermagnetics by Philips Holding USA Inc.,
subsidiary of Koninklijke Philips Electronics, N.V. (NYSE:
PHG, AEX: PHI). The merger was announced by Philips and
Intermagnetics on June 15, 2006.
The merger will be presented for the
approval of Intermagnetics' shareholders at a special meeting of
shareholders, scheduled for September 26, 2006, at which
Intermagnetics shareholders who held shares as of the record date of
August 16, 2006 will be entitled to vote. Completion of the
transaction remains subject to the approval of Intermagnetics'
shareholders at the special meeting, to European regulatory
approval, and to the satisfaction or waiver of other conditions and
terms of the merger agreement. The merger is expected to close
during the fourth quarter of calendar 2006.
Intermagnetics also announced today
that it had reached an agreement in principle to settle two putative
class actions filed in the Supreme Court of the State of New York,
Albany County, that challenged the merger agreement and related
transactions.
Intermagnetics (http://www.intermagnetics.com)
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.
