No Further Legal Action By Italy To Enjoin Sorin - Cyberonics Merger

(RTTNews) - Medical device company Sorin S.p.A. (SORJF.PK) and Cyberonics Inc. (CYBX) announced that no appeal of the decision of the Civil Court of Milan at first instance to refuse to enjoin the planned combination of Sorin and Cyberonics under a newly formed holding company, LivaNova PLC has been filed within the prescribed deadline.

With the termination of the creditor rights process, Sorin has satisfied an additional condition to the completion of the Transaction.

In response to this development, André-Michel Ballester, Sorin's Chief Executive Officer said, "We are pleased that the creditor rights process has been successfully concluded. We remain committed to closing the transaction as quickly as possible, and we continue to be excited by the future for LivaNova."

On August 20, 2015, Cyberonics announced its plan to hold its Special Meeting of Stockholders on September 22, 2015 to consider and vote on the Transaction. The companies currently expect that the Transaction, which remains subject to Cyberonics stockholder approval and satisfaction of other customary closing conditions, will close in the fourth calendar quarter of 2015.

In Late-February 2015, Sorin and Cyberonics announced their merger plan to form a new global leader in medical technologies with a combined equity value of around $2.7 billion or 2.4 billion euros, based on the closing price of Sorin and Cyberonics shares on February 25.