CRY: Medafor's board has to date refused to enter into negotiations regarding our proposal. Their refusal to enter into discussions with us hurts Medafor shareholders as it impedes your ability to receive a fair price for your shares.
CRY: On January 13, 2010, we sent a letter to Medafor's board of directors proposing to acquire all of Medafor's remaining outstanding shares for $2.00 per share, to be paid in cash and stock, subject to completion of reasonable due diligence.
Response: When SGA presents his offer as being worth $2/share, when in reality it is worth less than 75 cents/share, it is like playing poker with someone you can't trust. If I were on the Medafor board, I wouldn't talk to SGA either. Now if SGA were to presents something worth talking about (e.g. a substantially higher offer) then perhaps worthwhile discussions could commence.
Market Report -- Short Stories (CRY)January 25, 2010 9:27 AM ET advertisement
Article tools E-mail this article Print-friendly version Discuss this articleStocks mentioned in this articleCryoLife Inc (CRY) Stock Quote, Chart, News, Add to WatchlistRecent investing newsResource America, Inc., to Report Operating Results for the First Fiscal Quarter 2010 and to Host Conference Call and WebcastFisher Communications' Hyperlocal Initiative Surpasses 1,000 Advertisers and 100 Neighborhood SitesOracle + Sun Strategy Update - Financial Analyst WebcastHarrington Wests Subsidiary, Los Padres Bank, Deemed Adequately Capitalized by the Office of Thrift Supervision and Relieved from Prompt Corrective ActionL.B. Foster Company to Report Fourth Quarter 2009 Earnings on January 29 All Briefing.com newsCryoLife: Medafor responds to CRY; acquisition seems more probable now - Roth Capital . Roth Capital notes on Friday of last week, it learned that CryoLife received a letter from Medafor stating it was "considering" CryoLife's proposal of acquisition and would contact CryoLife after completing a thorough review of the offer's merits. Recall that earlier this month, CryoLife announced (1) it became the largest shareholder in Medafor and (2) its desire to acquire Medafor for an estimated $40 mln in cash and stock. A week later, CryoLife announced Medafor's board had refused to enter discussions to date and CryoLife would appeal to Medafor's shareholders to urge the board to consider CRY's proposal. Given firm's estimated number of Medafor shareholders, it had viewed CRY's petition as a challenging one. However, with an opportunity to review a response for Medafor's Chairman, firm believes the likelihood of a successful acquisition is much higher now. That said, it still expects a transaction will likely take a couple of months to be consummated. Strategically, firm views this as a positive potential acquisition for CryoLife, as ownership of HemoStase would improve its margin on a product that has been a strong growth driver since its launch in 2008.
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