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AIS/Spectranetics

This article was originally published in The Gray Sheet

Executive Summary

Excimer laser manufacturers renew vows for merger; the latest agreement calls for Advanced Interventional Systems (LAIS) shareholders to receive .80282 shares of Spectranetics stock for each LAIS share, giving them 45% ownership of the new company. The merger, subject to "customary conditions" and shareholder approval, is expected to close in four months. Following the merger, Spectranetics' President and CEO Robert DePasqua would serve as President, CEO and a director of the new firm, while LAIS director David Goldsmith would serve as chairman. AIS Chairman and CEO Robert Wall has resigned. An earlier acquisition offer by Spectranetics and merger proposal by LAIS, which were floated after an initial merger agreement fell through, were terminated in December ("The Gray Sheet" Dec. 20, In Brief)

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