READING, Pa., Sept. 20 /PRNewswire-FirstCall/ -- Arrow International, Inc. announced that, based on preliminary voting results, shareholders at the Company's Annual Meeting today voted overwhelmingly to approve its agreed upon $45.50 merger with Teleflex Incorporated .
The receipt of the shareholder vote satisfies the final condition necessary prior to the closing of the merger. Teleflex has informed Arrow that it will be prepared to close the transaction on October 1, 2007.
R. James Macaleer, Chairman, commented, "On behalf of the Arrow Board of Directors, we are extremely pleased that shareholders have voted overwhelmingly to approve this merger with Teleflex. Together, Teleflex and Arrow will have an outstanding opportunity to accelerate global expansion and new channels for each company's well-known brands, bringing high quality medical products and service to medical providers and patients around the world."
As previously announced on July 23, 2007, Teleflex and Arrow entered into a definitive merger agreement, which was unanimously approved by both companies' Boards of Directors and provides a payment to Arrow shareholders of $45.50 per share in cash without interest for each outstanding share of their Arrow common stock, representing a premium to shareholders of approximately 38.6% over the closing price of Arrow common stock on May 8, 2007, the last full trading day before the announcement of the Company's decision to explore strategic alternatives.
In other business at today's Annual Meeting, based on preliminary voting results, shareholders voted to re-elect all of Arrow's incumbent directors. Arrow shareholders also voted to ratify the appointment of PricewaterhouseCoopers LLP as the Company's independent accounting firm and to defeat a shareholder proposal regarding directors age limits.
Arrow develops, manufactures and markets a broad range of clinically advanced, disposable catheters and related products for critical and cardiac care. The company's products are used primarily by anesthesiologists, critical care specialists, surgeons, emergency and trauma physicians, cardiologists, interventional radiologists and other healthcare providers. Arrow's news releases and other company information can be found on the World Wide Web at http://www.arrowintl.com. Arrow's common stock trades on the NASDAQ Global Select Market(TM) under the symbol ARRO.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including the anticipated timing for closing of the transaction. A further description of these risks and uncertainties and other important factors that could cause actual results to differ materially from Arrow's expectations can be found in the company's Annual Report on Form 10-K, as amended and in the company's other filings with the SEC. The expectations and assumptions reflected in such forward looking statements may prove incorrect. Arrow does not undertake to publicly update or revise its forward-looking statements as a result of new information, future events, or otherwise.
Contact: Frederick J. Hirt, CFO
Arrow International, Inc.