German chemicals and pharmaceuticals giant Bayer said today that its takeover offer for US birth-control maker Conceptus has been successful.
Bayer said in a statement that Conceptus shareholders had accepted its offer of $31.00 per share and sold 31.98 million shares — or 96.4 per cent of the outstanding share capital.
“We are pleased with Conceptus stockholders’ positive response to our offer,” said Bayer chief executive Marijn Dekker.
California-based Conceptus developed the Essure procedure, a non-surgical permanent birth control method.
The German group had announced at the end of April that it has agreed to buy Conceptus for $1.1 billion.
It said it would exercise its “top-up” option whereby Conceptus will issue a number of shares to Bayer, “enabling it to gain full ownership of Conceptus without convening a general meeting of Conceptus stockholders.”