-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Hhi+lIPRcWzBthPGeI2iwsKKBWoHeAzGc8TXVY2t8kikaH51GzHEDK6DaSGed7RM Fx7ZYWLIr3lZDE97yGwQqw== 0000748618-96-000015.txt : 19960315 0000748618-96-000015.hdr.sgml : 19960315 ACCESSION NUMBER: 0000748618-96-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 ITEM INFORMATION: Acquisition or disposition of assets FILED AS OF DATE: 19960314 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: INFRASONICS INC CENTRAL INDEX KEY: 0000748618 STANDARD INDUSTRIAL CLASSIFICATION: ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842] IRS NUMBER: 953797283 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12998 FILM NUMBER: 96534541 BUSINESS ADDRESS: STREET 1: 3911 SORRENTO VALLY BLVD CITY: SAN DIEGO STATE: CA ZIP: 92121 BUSINESS PHONE: 6194509898 MAIL ADDRESS: STREET 1: 3911 SORRENTO VALLEY BLVD CITY: SAN DIEGO STATE: CA ZIP: 92121 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 March 8, 1996 (Date of Report; Date of Earliest Event Reported) Infrasonics, Inc. (Exact name of registrant as specified in its charter) California (State or other jurisdiction of incorporation) 0-12998 95-3797283 (Commission File Number) (IRS Employer Identification No.) 3911 Sorrento Valley Blvd., San Diego, California 92121 (Address of principal executive offices) (Zip Code) (619) 450-9898 (Registrant's telephone number, including area code) Page 1 of 7 pages. Exhibit Index appears on Page 4 INFORMATION TO BE INCLUDED IN THE REPORT Item 5. Other Events. On March 8, 1996, Infrasonics, Inc. ("Infrasonics") entered into an Agreement and Plan of Merger (the "Merger Agreement") with Nellcor Puritan Bennett Incorporated ("NPB"), a Delaware corporation, whereby Infrasonics will be merged with and into NPB (the "Merger"). Subject to the terms and conditions of the Merger Agreement (including, without limitation, approval by the shareholders of Infrasonics) upon the effective time of the Merger, each outstanding share of common stock of Infrasonics will be converted into the right to receive .095 shares of common stock of NPB, with adjustments based on the trading value of NPB's common stock so that the value of the consideration received by Infrasonics shareholders will not be less than $6.25 per share. A copy of the press release announcing the execution of the Agreement and Plan of Merger is attached as Exhibit 99.1 and is incorporated herein by reference. Item 7. Financial Statements and Exhibits. (c) Exhibits: Exhibit No. Description 99.1 Press Release dated March 11, 1996 announcing the execution of the Agreement and Plan of Merger, dated as of March 9, 1996, between NPB and Infrasonics. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. INFRASONICS, INC. Date: March 13, 1996 By: /s/ Frederick C. McGee Frederick C. McGee Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit No. Description Page No. 99.1 Press Release dated 5 March 11, 1996 announcing the execution of the Agreement and Plan of Merger, dated as of March 9, 1996, between NPB and Infrasonics. EX-99 2 Exhibit 99.1 March 11, 1996 FOR IMMEDIATE RELEASE NELLCOR PURITAN BENNETT TO ACQUIRE INFRASONICS IN $66 MILLION TRANSACTION Pleasanton, CA and San Diego, CA -- March 11, 1996 -- Nellcor Puritan Bennett, Inc. (Nasdaq: NELL) and Infrasonics, Inc (Nasdaq: IFRA) today jointly announced that their boards of directors have approved a definitive agreement for Nellcor Puritan Bennett to acquire Infrasonics in a stock for stock merger valued at approximately $66 million. Under the terms of the agreement, Infrasonics stockholders will receive .095 shares of Nellcor Puritan Bennett common stock for each outstanding share of Infrasonics common stock. This exchange ratio is subject to adjustment based on the trading value of Nellcor Puritan Bennett common stock in order that the value of the consideration to be received by Infrasonics stockholders will not be less than $6.25 a share. The merger is intended to qualify as a tax-free reorganization and a pooling of interests for accounting and financial reporting purposes. Infrasonics, headquartered in San Diego, CA, is a respiratory equipment manufacturer of neonatal, pediatric and adult ventilators and accessories. For the fiscal year ended June 30,1995, Infrasonics reported revenue of $23 million. The company was founded in 1982 and is the developer of the Infant Star, the first demand flow neonatal/pediatric ventilator. Infrasonics' product line includes seven ventilators, a pulmonary diagnostic device and more than 100 respiratory accessories. "This acquisition is an excellent strategic fit that brings together two leading respiratory companies. The addition of the Infrasonics' infant and high frequency ventilator products fills a product gap in a key area of the Nellcor Puritan Bennett product line," said C. Raymond Larkin, Jr., Nellcor Puritan Bennett's president and chief executive officer. "The acquisition of Infrasonics continues to build on our strategy of providing products to monitor, diagnose and treat the respiratory-impaired patient. The combination of a broader product offering and our comprehensive distribution channels will help us better serve the needs of our customers worldwide." "We believe this acquisition will enable us to recognize synergies through revenue and earnings growth, new product development and sales and marketing expansion," Mr. Larkin added. "We expect the acquisition to be accretive to earnings in the first year, excluding the effect of transaction-related expenses and other one-time charges." Continued Continued Page Two Finally, Nellcor Puritan Bennett also announced that its board of directors has approved certain amendments to the company's Rights Agreement to increase the exercise price of the rights to $320 per right, to extend the term of the Rights Agreement to March 8, 2006, and to make various other technical changes. This press release includes forward-looking statements which are subject to change. The acquisition is subject to approval by the stockholders of both companies and requisite regulatory approvals. Additional information on factors that may affect the companies' businesses may be found in their respective annual reports on Form 10-K together with their recent respective quarterly reports on Form 10-Q. Nellcor Puritan Bennett Incorporated is the worldwide leader in monitoring, diagnosing, and treating the respiratory-impaired patient across the global continuum of care. For further information Call Nellcor Puritan Bennett Michael Downey (510) 463-4000 -----END PRIVACY-ENHANCED MESSAGE-----