Thoratec, HeartWare Abandon Merger Talks

Law360, New York (August 3, 2009, 1:21 PM EDT) -- Medical device maker Thoratec Corp. has called off its proposed $282 million acquisition of rival HeartWare International Inc. following the Federal Trade Commission's decision to challenge the merger in court.

Thoratec announced Friday that it had terminated its controversial bid for HeartWare to avoid a “protracted, costly and unpredictable” legal battle with the FTC.

The antitrust regulator said Thursday it had authorized a lawsuit to block the acquisition, claiming the merger would substantially reduce competition in the U.S. market for certain life-saving heart devices.

“We are...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.