Kyphon, Inc. Announces that ISS Recommends Kyphon Stockholders Vote 'For' the Merger of Medtronic, Inc. and Kyphon
SUNNYVALE, Calif., Sept. 20 /PRNewswire-FirstCall/ -- Kyphon Inc. announced today that Institutional Shareholder Services (ISS), a leading independent proxy advisory firm, recommends that Kyphon stockholders vote "FOR" adoption of the merger agreement between Kyphon and Medtronic, Inc. at the special meeting of Kyphon's stockholders to be held on October 16, 2007.
In recommending that Kyphon stockholders vote "FOR" the proposed acquisition, ISS stated: "Based on our review of the terms of the transaction and the factors described ... specifically the market premium, we believe that the merger agreement warrants shareholder support."
ISS also recommends that Kyphon stockholders vote "FOR" the Company's proposal to adjourn the special meeting of stockholders if there are not sufficient votes to approve the proposed merger, in order to provide additional time to solicit proxies.
Shareholders who have questions or need any assistance in submitting their proxy or voting their shares should contact Kyphon's proxy solicitor, Georgeson, toll-free at 1-888-605-8317.
About Kyphon Inc.
Kyphon develops and markets medical devices designed to restore and preserve spinal function and diagnose the source of low back pain using minimally invasive technologies. The company's products are used in balloon kyphoplasty for the treatment of spinal compression fractures caused by osteoporosis or cancer, in the Functional Anaesthetic Discography(TM) (F.A.D.(TM)) procedure for diagnosing the source of low back pain, and in the Interspinous Process Decompression (IPD(R)) procedure for treating the symptoms of lumbar spinal stenosis. More information about the company and its products can be found at http://www.kyphon.com and its balloon kyphoplasty patient education Web site, http://www.spinalfracture.com.
Kyphon and IPD are registered trademarks, and Functional Anaesthetic Discography and F.A.D. are trademarks, of Kyphon Inc.
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Kyphon Inc.CONTACT: Investors and Media, Julie D. Tracy, Vice President, ChiefCommunications Officer of Kyphon Inc., +1-408-548-6687, jtracy@kyphon.com