Bard pays €43.8m to buy ClearStream

IRISH MEDICAL devices business ClearStream Technologies has agreed a £43.8 million takeover that will see it become part of CR Bard.

ClearStream makes vascular stents, catheters and guidewires used to clear blockages in coronary and peripheral arteries during angioplasty procedures.

The offer, at 85 pence sterling a share, marks a 84 per cent premium to the stock’s close just ahead of the announcement.

The company was formed in 2000 as a result of a €4 million management buyout from US group AngioDynamics, led by managing director Andy Jones. It employs more than 250 people.

In November 2004, the Enniscorthy-based business listed on London’s junior AIM market in a £7 million flotation.

The latest all-cash deal will see Mr Jones leave the company’s management but he will remain as a consultant after completion.

CR Bard and ClearStream have agreed to terms they consider “fair and reasonable” and company directors and their immediate families and related trusts have undertaken to do or procure in respect of their entire holding of 6,987,563 ClearStream shares in aggregate representing 14 per cent of the existing issued ordinary share capital of ClearStream. Mr Jones who has a 4.3 per cent stake, will receive £1.9 million.

Timothy Ring, chairman and chief executive of Bard, said: “The acquisition of ClearStream represents a compelling strategic opportunity for Bard, enabling us to strengthen our leadership in vascular medical devices.”