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Subsequent Events
Bayer’s U.S. affiliate Medrad, Inc. and U.S.-based Possis Medical, Inc. have entered into a definitive merger agreement pursuant to which Medrad will acquire Possis Medical in a cash tender offer for US$ 19.50 per share, or a total equity value of approximately US$ 361 million. The offer price represents a premium of approximately 39 percent over Possis Medical’s average closing price for the 30 days prior to February 8, 2008. The board of directors of Possis Medical has unanimously approved the transaction and will recommend the offer to the company’s shareholders.
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