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Deal is expected to close within 90 days.
April 23, 2008
By: Michael Barbella
Medtronic Inc. (MDT) agreed to acquire Restore Medical Inc. (REST) for about $ 29 million.
Medtronic, a Minneapolis maker of implantable biomedical devices, will purchase Restore Medical, a maker of medical devices that treat sleep disorder breathing, for $1.60 a share.
The deal, which is expected to add immediately to earnings, is expected to close within 90 days.
Shares of Restore closed at 55 cents a share, and Medtronic closed at $49.25 cents a share.
SOURCE: Dow Jones Newswires
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