EDISON, N.J., Nov. 1 /PRNewswire/ -- Musculoskeletal Transplant Foundation (MTF) today confirmed that it has notified the Board of Directors of Osteotech, Inc. that it has terminated its proposal to acquire all of the outstanding common stock of Osteotech.
In August 2005, Osteotech rejected MTF's proposal to acquire Osteotech for $6.25 per share in cash. Subsequently, discussions were held between representatives of MTF and Osteotech, along with financial and legal advisors for each company. Piper Jaffray and Hogan & Hartson L.L.P. served as financial and legal advisors, respectively, for MTF. After these discussions, MTF and Osteotech agreed to commence negotiations and due diligence.
However, based on a number of developments that led MTF to conclude that mutually agreeable terms for an acquisition would not be currently attainable, MTF subsequently elected not to continue with the negotiation and due diligence process and promptly notified Osteotech.
"At the core of our charitable mission is an obligation to donor families and tissue recipients to make the best use we possibly can of precious donated tissues and to do so in the most cost-effective manner," said Mr. Stroever. "We expended substantial time, effort and resources attempting to merge the Osteotech and MTF operations because we believed that a combination of our two organizations would allow us to better fulfill our mission. We are extremely disappointed that we were not able to achieve this goal."
About MTF
The Musculoskeletal Transplant Foundation is the world's largest tissue bank dedicated to providing quality tissue through a commitment to excellence in education, research, recovery and care for recipients, donors and their families. A not-for-profit organization, MTF is a consortium of academic medical institutions and organ and tissue recovery organizations across the country. In 2004, more than 340,000 tissue grafts were distributed by MTF, helping over 225,000 patients. The Musculoskeletal Transplant Foundation is a service organization dedicated to the advancement of bone, ligament, cartilage, and skin transplantation. For more information, please visit MTF's website at http://www.mtf.org/.
Musculoskeletal Transplant FoundationCONTACT: Bruce W. Stroever, President and Chief Executive Officer,Musculoskeletal Transplant Foundation, 732-661-0202, orbruce_stroever@mtf.org
Web site: http://www.mtf.org/
