CooperCompanies and Cook® Medical Receive Second Requests from FTC under HSR Act
CooperCompanies (NYSE: COO) announced that it and Cook Medical received a second request from the FTC regarding the acquisition of Cook Medical’s Reproductive Health business. This request, part of the HSR Act's regulatory process, extends the waiting period until compliance is achieved. The companies are collaborating with the FTC and anticipate closing the deal by the end of 2022.
Cooper operates two business units: CooperVision and CooperSurgical, focusing on medical devices and fertility solutions.
- The acquisition of Cook Medical’s Reproductive Health business may enhance Cooper's market position in the healthcare sector.
- Both companies are cooperating with the FTC, indicating a smooth regulatory process.
- The receipt of a second request from the FTC indicates potential regulatory hurdles that could delay the acquisition.
- The extended waiting period may impact the anticipated timeline for closing the deal.
SAN RAMON, Calif., April 21, 2022 (GLOBE NEWSWIRE) -- CooperCompanies (NYSE: COO) today announced that Cooper and Cook Medical have each received a request for additional information (“second request”) from the U.S. Federal Trade Commission (FTC) in connection with Cooper’s pending acquisition of Cook Medical’s Reproductive Health business. The second request was issued under notification requirements of the Hart-Scott-Rodino (HSR) Act and is a common part of the regulatory process in connection with the FTC’s review.
The effect of the second request is to extend the waiting period until Cooper and Cook Medical have substantially complied with the FTC request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC. Cooper and Cook Medical are cooperating fully with the FTC staff and expect the transaction to close by the end of calendar year 2022.
About CooperCompanies
CooperCompanies ("Cooper") is a global medical device company publicly traded on the NYSE (NYSE: COO). Cooper operates through two business units, CooperVision and CooperSurgical. CooperVision brings a refreshing perspective on vision care with a commitment to developing a wide range of high-quality products for contact lens wearers and providing focused practitioner support. CooperSurgical is committed to advancing the health of women, babies and families with its diversified portfolio of products and services focusing on medical devices and fertility & genomics. Headquartered in San Ramon, CA, Cooper has a workforce of more than 12,000 with products sold in over 100 countries. For more information, please visit www.coopercos.com.
About Cook Medical
Since 1963, Cook Medical has worked closely with physicians to develop technologies that eliminate the need for open surgery. Today we invent, manufacture and deliver a unique portfolio of medical devices to the healthcare systems of the world. Serving patients is a privilege, and we demand the highest standards of quality, ethics and service. We have remained family owned so that we have the freedom to focus on what we care about: patients, our employees and our communities. For more information, visit www.cookmedical.com.
Forward Looking Statements
This press release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Statements relating to guidance, plans, prospects, goals, strategies, future actions, events or performance and other statements of which are other than statements of historical fact, including statements regarding the acquisition of Cook Medical’s Reproductive Health business including financial position, market position, product development and business strategy, expected cost synergies, expected timing and benefits of the transaction, difficulties in integrating entities or operations, as well as estimates of our and Cook Medical’s Reproductive Health business future expenses, sales and diluted earnings per share are forward-looking. In addition, all statements regarding anticipated growth in our net sales and anticipated market conditions, planned product launches and expected results of operations are forward-looking. To identify these statements, look for words like "believes," "outlook," "probable," "expects," "may," "will," "should," "could," "seeks," "intends," "plans," "estimates" or "anticipates" and similar words or phrases, including the negative thereof. Forward-looking statements necessarily depend on assumptions, data or methods that may be incorrect or imprecise and are subject to risks and uncertainties.
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These factors include, without limitation, the following: failure to obtain required regulatory approval in a timely manner or otherwise; failure to satisfy any closing conditions to the proposed acquisition of Cook Medical’s Reproductive Health business; risks associated with tax liabilities or changes in U.S. federal tax laws or interpretations to which the proposed transaction with Cook Medical’s Reproductive Health business or parties thereto are subject; risks related to pre-acquisition non-compliance by Cook Medical’s Reproductive Health business with applicable regulatory or works council consultation requirements; failure to successfully integrate any new business; failure to realize anticipated benefits of any combined operations; unanticipated costs of acquiring or integrating Cook Medical’s Reproductive Health business; potential impact of announcement or consummation of the proposed acquisition on relationships with third parties, including employees, customers, partners and competitors; inability to retain key personnel; changes in legislation or government regulations affecting the acquisition or the parties; and economic, social or political conditions that could adversely affect the acquisition of the parties. More details about these and a number of other important risk factors that could cause our actual results and future actions to differ materially from those described in forward-looking statements can be found in our Securities and Exchange Commission filings, including under the “Business”, “Risk Factors” and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections in our most recent Annual Report on Form 10-K, as such sections may be updated in our quarterly filings, copies of which are available on the Company’s website: www.coopercos.com. We caution investors that forward-looking statements reflect our analysis only on their stated date. We disclaim any intent to update them except as required by law.
Contact:
Kim Duncan
Vice President, Investor Relations and Risk Management
925-460-3663
ir@cooperco.com
FAQ
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