Covidien closes acquisition of ev3 after completing tender offer earlier Monday

Covidien completes $2.6B purchase of ev3

NEW YORK — Drug and medical device maker Covidien said Monday it has closed its $2.6 billion acquisition of endovascular surgery device maker ev3 Inc.

Covidien announced plans to buy the company for $22.50 per share on June 1. At the time, the deal marked a 19 percent premium.

In a statement Monday, Covidien said it tendered just over 100.8 million shares of ev3 stock, representing about 87.7 percent of outstanding shares. Covidien said COV Delaware Corp. then exercised its option to buy newly issued shares from ev3 at the tender offer price, allowing Covidien to complete the buyout.

Covidien, which is based in Dublin, Ireland, said it completed the tender offer Monday morning. After the market closed it said the acquisition was complete.

Ev3 makes devices used in endovascular surgeries, or operations in which surgeons make small incisions and maneuver devices in the body through major blood vessels. Other products are used in neurovascular procedures, or procedures involving both blood vessels and nerves. The company is based in Plymouth, Minn., and will become part of Covidien’s vascular products business.

U.S-traded Covidien shares fell 28 cents to close at $40.48 Monday, and dropped 2 cents in extended trading.