Encore Medical Gets Stockholder Approval of Agreement With Blackstone Capital Partners to Go Private for $6.55 Per Share
November 02 2006 - 6:12PM
PR Newswire (US)
AUSTIN, Texas, Nov. 2 /PRNewswire-FirstCall/ -- Encore Medical
Corporation ("Encore") (NASDAQ:ENMC) today announced that at a
special meeting of its stockholders, its stockholders voted to
adopt the definitive merger agreement with a company newly formed
and controlled by Blackstone Capital Partners V L.P. ("Blackstone")
in a going private transaction. The parties intend to consummate
the transaction on November 3, 2006. After the consummation of the
transaction, Encore's common shares will no longer trade on the
NASDAQ Global Market. Under the terms of the merger agreement,
Encore's stockholders will receive $6.55 in cash for each share of
Encore common stock they hold. Encore has appointed Wells Fargo
Bank, N.A. as the agent for payment of the merger consideration
upon consummation of the transaction. About Encore Medical
Corporation Encore Medical Corporation is a diversified orthopedic
device company with leading positions in many of the markets in
which it competes. We develop, manufacture and distribute a
comprehensive range of high-quality orthopedic devices used for
rehabilitation, pain management and physical therapy. We also
develop, manufacture and distribute a comprehensive suite of
surgical reconstructive implant products. We believe that we are
one of a few orthopedic device companies that offer healthcare
professionals and patients a diverse range of orthopedic
rehabilitation and surgical reconstructive implant products
addressing the complete spectrum of pre-operative, post-operative,
clinical and home rehabilitation care. About The Blackstone Group
The Blackstone Group, a global private investment and advisory
firm, was founded in 1985. The firm has raised a total of
approximately $59 billion for alternative asset investing since its
formation of which roughly $27 billion has been for private equity
investing. The healthcare sector is one of Blackstone's core
focuses, with current investments in pharmaceuticals, hospitals,
nursing homes, healthcare services and health insurance.
Blackstone's other core businesses include Private Real Estate
Investing, Corporate Debt Investing, Hedge Funds, Mutual Fund
Management, Private Placement, Marketable Alternative Asset
Management, and Investment Banking Advisory Services. Further
information is available at http://www.blackstone.com/. Important
Information Except for the historical information contained herein,
the matters discussed are forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These statements involve risks and
uncertainties, such as quarterly fluctuations in operating results,
the timely availability of new products, the impacts of competitive
products and pricing, the ability to grow the distribution networks
for our products, the ability to continue to obtain long-term
financing, our substantial leverage and debt service requirements
and the ability to locate and integrate past and future
acquisitions. Additionally, we are subject to other risks and
uncertainties set forth in our filings with the Securities and
Exchange Commission. These risks and uncertainties could cause
actual results to differ materially from any forward-looking
statements made herein. Contact: Harry L. Zimmerman Executive Vice
President - General Counsel (512) 832-9500 Chinh E. Chu Senior
Managing Director The Blackstone Group (212) 583-5872 DATASOURCE:
Encore Medical Corporation CONTACT: Harry L. Zimmerman, Executive
Vice President - General Counsel of Encore Medical Corporation,
+1-512-832-9500, ; or Chinh E. Chu, Senior Managing Director of The
Blackstone Group, +1-212-583-5872 Web site:
http://www.encoremed.com/ http://www.blackstone.com/
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