The stockholders of Corindus Vascular Robotics have approved the adoption of the agreement and plan of merger that was drawn up in August by Siemens Medical Solutions USA (Siemens Healthineers), Corpus Merger, and Corindus. A press statement reports that subject to the terms and conditions of the agreement, Merger Sub, a wholly-owned subsidiary of Siemens USA, will be merged with and into Corindus—with Corindus surviving the merger as a wholly-owned subsidiary of Siemens USA.
The press release adds that stockholders also approved the proposal to approve, on an advisory (non-binding) basis, specified compensation payable to the Corindus’ named executive officers in connection with the merger.
The parties anticipate that the transaction will close today (29 October 2019), and that the parties intend that, promptly thereafter, Corindus will be delisted from the NYSE American. At the closing of the merger, Corindus’ stockholders will receive $4.28 in cash, without interest, subject to any applicable withholding taxes, for each share of common stock of Corindus; and $85.60 in cash, without interest, subject to any applicable withholding taxes, for each share of Series A Convertible Preferred Stock of Corindus and for each share of Series A-1 Convertible Preferred Stock of Corindus, that they own immediately prior to the effective time of the merger.
