Kyphon Announces Special Meeting Date to Vote on Proposed Medtronic Merger
September 07 2007 - 5:00AM
PR Newswire (US)
Special Meeting Scheduled for October 16, 2007 SUNNYVALE, Calif.,
Sept. 7 /PRNewswire-FirstCall/ -- Kyphon Inc. (NASDAQ:KYPH)
announced today that it has set October 16, 2007, as the date of
the Special Meeting of Stockholders to vote on Kyphon's proposed
merger with a wholly owned subsidiary of Medtronic. The special
meeting will be held at 2:00 p.m., Pacific Time, at Kyphon's
corporate headquarters located at 1221 Crossman Avenue, Sunnyvale,
California 94089. Kyphon shareholders of record as of the close of
business on August 31, 2007 will be entitled to notice of, and to
vote at, the special meeting. A definitive proxy statement
containing information about the special meeting and the proposed
merger will be filed with the Securities and Exchange Commission
(SEC) and a copy of the definitive proxy statement will be mailed
to stockholders of record as of the record date. The mailing is
expected to begin early next week. As previously announced on July
27, 2007, Kyphon entered into a definitive merger agreement with
Medtronic, pursuant to which Medtronic has agreed to acquire all of
the outstanding shares of Kyphon common stock for $71.00 per share
in cash. Completion of the transaction, which is presently
anticipated for the first quarter of 2008, remains subject to
customary closing conditions, including approval by antitrust
regulators as well as Kyphon's stockholders. About Kyphon Inc.
Kyphon develops and markets medical devices designed to restore and
preserve spinal function and diagnose the source of low back pain
using minimally invasive technologies. The company's products are
used in balloon kyphoplasty for the treatment of spinal compression
fractures caused by osteoporosis or cancer, in the Functional
Anaesthetic Discography(TM) (F.A.D.(TM)) procedure for diagnosing
the source of low back pain, and in the Interspinous Process
Decompression (IPD(R)) procedure for treating the symptoms of
lumbar spinal stenosis. More information about the company and its
products can be found at http://www.kyphon.com/ and its balloon
kyphoplasty patient education Web site,
http://www.spinalfracture.com/. Kyphon and IPD are registered
trademarks, and Functional Anaesthetic Discography and F.A.D. are
trademarks, of Kyphon Inc. Forward-Looking Statements This press
release contains forward-looking statements, within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995, about
the completion of the merger. Forward-looking statements are based
on management's current preliminary expectations and are subject to
risks, uncertainties and assumptions, which may cause the company's
actual results to differ materially from the statements contained
herein. Factors that could cause actual results to differ
materially from management's current expectations include, without
limitation, the potential inability to obtain the regulatory and
stockholder approvals and clearances required to complete the
merger, or to do so in a timely manner, and the possibility that
other conditions to completion of the merger may not be satisfied.
Additional factors that may affect future results are contained in
Kyphon's filings with the SEC, which are available at the SEC's web
site http://www.sec.gov/. Kyphon undertakes no obligation to
release publicly any revisions to any forward-looking statements
contained herein to reflect events or circumstances after the date
hereof. Additional Information About This Transaction Kyphon will
file with the SEC and mail to its stockholders a definitive proxy
statement that will contain important information about Kyphon, the
proposed merger and related matters. Stockholders are urged to read
the definitive proxy statement when it becomes available because it
will contain important information that stockholders should
consider before making a decision about the merger. You may obtain
a free copy of the definitive proxy statement (when available) and
other related documents filed by Kyphon with the SEC at the SEC's
website at http://www.sec.gov/. The definitive proxy statement
(when it is available) and the other documents may also be obtained
for free by accessing Kyphon's website at http://www.kyphon.com/ by
clicking on the "Investors" link and then clicking on the
"Financial Information" heading and the "SEC Filings" heading, by
writing to Kyphon at 1221 Crossman Avenue, Sunnyvale, CA
94089-2450, Attention: Julie Tracy, or by emailing . Kyphon and its
directors, executive officers and certain other members of
management and employees may be soliciting proxies from Kyphon
stockholders in favor of the merger. Information regarding the
persons who may, under the rules of the SEC, be considered
participants in the solicitation of Kyphon's stockholders in
connection with the proposed merger will be set forth in the
definitive proxy statement when it is filed with the SEC. You can
find information about Kyphon's executive officers and directors in
its definitive proxy statement filed with the SEC on April 30,
2007. You can obtain free copies of these documents from Kyphon
using the contact information above. KYPHG DATASOURCE: Kyphon Inc.
CONTACT: Julie D. Tracy, Vice President, Chief Communications
Officer of Kyphon Inc., +1-408-548-6687, Web site:
http://www.kyphon.com/ http://www.spinalfracture.com/
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