Baxter Makes Progress on Hillrom Acquisition - Gadgets Price
Baxter Makes Progress on Hillrom Acquisition

Baxter International is one step closer in its bid to acquire Hillrom. On Thursday, Hillrom said its shareholders voted to approve the $12.4 billion or $156 per share pending acquisition.

The deal is expected to close in 2021 or early 2022.

“The strong support from our investors over the years and in today’s shareholder vote is a major confirmation of our vision for Advancing Connected Care, and we are proud of the significant shareholder value creation that has occurred as a result of the transformation from Hillrom,” said Hillrom President and CEO John Groetelaars. “I would like to thank the global Hillrom team, 10,000 employees whose passion to improve outcomes for patients and caregivers has fueled this truly momentous event in our more than 100-year history.”

After weeks of speculation, Deerfield, IL-based Baxter announced it would acquire Hillrom in September. It should be noted that shortly before the deal made medical headlines, a court ordered Hillrom to complete the $375 million acquisition of Bardy Diagnostics, a specialist in heart monitoring.

Hillrom wanted to opt out of the proposed merger, which was first announced in January because it alleged that Medicare’s rate cuts for long-term cardiac monitoring constituted a material adverse event in the acquisition agreement. Hillrom previously said it would appeal the court’s decision.

In August, however, Hillrom was indeed set to complete the acquisition of Bardy Diagnostics of Seattle, WA, according to a filing with the SEC.

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