MEMPHIS, Tenn. and AMSTERDAM, The Netherlands, June 18, 2015 (GLOBE NEWSWIRE) — Wright Medical Group, Inc. (Nasdaq:WMGI) and Tornier N.V. (Nasdaq:TRNX) today announced that all proposals related to the combination of Wright and Tornier were approved by both Wright’s and Tornier’s shareholders.
Based on final vote results for Wright, the proposal to adopt the merger agreement and approve the merger was approved by shareholders owning 97.72 percent of the shares voted at the meeting and 84.36 percent of the outstanding Wright shares as of the record date. The final vote results for all proposals will be included in a current report on Form 8-K to be filed by Wright with the Securities and Exchange Commission.
Based on final vote results for Tornier, the proposal to adopt the merger agreement and approve the merger was approved by shareholders owning 99.36 percent of the shares voted at the meeting and 80.08 percent of the outstanding Tornier shares as of the record date. In addition, the proposals to appoint the combined company board of directors and change the company name to Wright Medical Group N.V. were approved. The final vote results for all proposals will be included in a current report on Form 8-K to be filed by Tornier with the Securities and Exchange Commission.
With the affirmative vote by both Wright and Tornier shareholders, the primary remaining condition to closing is approval by the U.S. Federal Trade Commission (FTC). As previously disclosed, Tornier is pursuing divestiture of certain U.S. lower extremity product lines. Subject to receipt of FTC clearance, the transaction is expected to close in the third quarter of 2015.
Robert Palmisano, president and chief executive officer of Wright, stated, “We are extremely pleased with the positive vote we received from Wright shareholders, which represents an important milestone in bringing our companies together. We are convinced this combination will create the premier, high-growth Extremities-Biologics company with a broad global reach. Together, we will have one of the most comprehensive upper extremity, lower extremity and biologic product portfolios in the market, extending our leadership position and further accelerating our growth opportunities and path to profitability, all of which we believe will generate long-term value for our shareholders.”
David Mowry, president and chief executive officer of Tornier, added, “We look forward to bringing together our leading technologies and specialized sales forces in three of the fastest growing areas of orthopaedics. Both companies have built a deep and loyal customer base and have highly complementary product portfolios, positioning the combined entity to deliver meaningful value to our shareholders. We believe that partnered together, Wright and Tornier will become the fastest-growing company in the Extremities-Biologics industry.”