-----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, E2k4MGVMiDR2fPWtWgqRmAnDCYrwXXiQauGONSIHYmxtTCcjUX17+h9GhNn0iznu 2f7H0rLG+LaR8w83csV9hQ== 0001047469-99-034396.txt : 19990902 0001047469-99-034396.hdr.sgml : 19990902 ACCESSION NUMBER: 0001047469-99-034396 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990821 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990901 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL SURGICAL INNOVATIONS INC CENTRAL INDEX KEY: 0000890763 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 973170244 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-28448 FILM NUMBER: 99704408 BUSINESS ADDRESS: STREET 1: 10460 BUBB RD CITY: CUPERTINO STATE: CA ZIP: 95014 BUSINESS PHONE: 4158129740 MAIL ADDRESS: STREET 1: 3172A PORTER DRIVE CITY: PALO ALTO STATE: CA ZIP: 94304 8-K 1 8-K 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 Date of Report (Date of earliest event reported): August 23, 1999 General Surgical Innovations, Inc. (Exact name of registrant as specified in its charter) 000-28448 (Commission File Number) California 94-3160456 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation) 10460 Bubb Road, Cupertino, California 95014 (Address of principal executive offices, with zip code) (408) 863-2500 (Registrant's telephone number, including area code) -1- Item 5. Other Events. On August 23, 1999, General Surgical Innovations, Inc. ("GSI"), entered into a definitive agreement with Tyco International ("Tyco") pursuant to which Tyco will acquire GSI. A copy of the press release announcing the execution of the definitive agreement is included herein as Exhibit 99.1 and is incorporated by reference into this Item 5. Item 7. Financial Statements and Exhibits. (c) Exhibits. 99.1 Press Release dated August 23, 1999. -2- SIGNATURES 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. GENERAL SURGICAL INNOVATIONS, INC. Date: September 1, 1999 By: /s/ STEPHEN J. BONELLI --------------------------------- Stephen J. Bonelli Chief Financial Officer, Vice President of Finance and Administration, Treasurer INDEX TO EXHIBITS
EXHIBIT NUMBER DESCRIPTION 99.1 Press Release dated August 23, 1999.
EX-99.1 2 EXHIBIT 99.1 EXHIBIT 99.1 TYCO INTERNATIONAL TO ACQUIRE GENERAL SURGICAL INNOVATIONS, INC. Immediately Accretive, Acquisition Provides Excellent Strategic Fit Hamilton, Bermuda and Cupertino, CA, (August 23, 1999)...Tyco International Ltd. (NYSE-TYC, LSE-TYI, BSX-TYC), a diversified manufacturing and service company, and General Surgical Innovations, Inc. (NASDAQ-GSII) (GSI) a medical manufacturer and distributor of SPACEMAKER-Registered Trademark- balloon dissection-devices used in minimally invasive surgical procedures, announced today that they have entered into a definitive agreement pursuant to which Tyco will acquire GSI. GSI shareholders will receive a fraction of a Tyco share valued at $7.50 per share for each share of GSI. The transaction is valued at approximately $100 million. Shares of GSI closed at $6.50 on Monday, August 23, 1999. GSI manufactures and sells tissue dissection systems based on the company's patented balloon technology for minimally invasive surgical procedures. GSI's products are specifically designed for endoscopic and laparoscopic techniques used in general surgery such as hernia repairs, cardiovascular surgery for vein harvesting, both cosmetic and reconstructive plastic surgeries, and in urogynecology for female bladder neck suspension. The patented SPACEMAKER-Register Trademark-balloon dissection systems offer surgeons the opportunity to predictably create space through small incisions, which may enhance patient outcomes. "GSI is a natural fit with, and expands the product offerings of, the laparoscopic businesses within the United States Surgical Division of the Tyco Healthcare Group, and provides operating efficiencies that will result in an immediate positive impact on earnings", said L. Dennis Kozlowski, Tyco's Chairman and Chief Executive Officer. "Through GSI's patented technology we gain an important complement for our laparoscopic product line, which will enable us to take advantage of exceptional growth opportunities," he added. Gregory D. Casciaro, President and Chief Executive Officer of GSI said, "The acquisition of General Surgical Innovations by Tyco makes excellent strategic sense and provides our shareholders with an exceptional value. GSI's proprietary balloon dissection technology will permit United States Surgical to offer surgeons an innovative portfolio of laparoscopic products for the expanding range of procedures emerging in general, urological, plastic, cardiovascular and orthopedic surgery. This also provides the opportunity for GSI shareholders to share in the exciting growth of Tyco." The transaction, which will be accounted for as a purchase, is contingent upon customary regulatory review and approval by GSI shareholders. The Boards of Directors of both companies have approved the transaction, which is expected to be tax-free for the shareholders of GSI. Tyco International Ltd., a diversified manufacturing and service company, is the world's largest manufacturer, installer, and provider of fire protection systems and electronic security services, the largest manufacturer and servicer of electrical and electronic components and underwater telecommunications systems, the largest manufacturer of flow control valves, and has strong leadership positions in disposable medical products, plastics, and adhesives. The Company operates in more than 80 countries around the world and has expected fiscal 1999 revenues in excess of $22 billion. FORWARD LOOKING INFORMATION Comments in this earnings release concerning the expected results and future growth of acquisitions and expected fiscal 1999 revenues are forward-looking statements, which are based on management's good faith expectations and belief concerning future developments. Actual results may materially differ from these expectations as a result of many factors, relevant examples of which are set forth in the "Management Discussion and Analysis" section of Tyco's 1998 Annual Report to Shareholders and Tyco's 1998 Annual Report on Form 10-K, as well as, under the heading "Factors Affecting Future Results" in General Surgical Innovations' Annual Report on Form 10-K for the year ended June 30, 1998, Form 10-Q for the quarters ended September 30, 1998, December 31, 1998, and March 31, 1999 and other company filings with the Securities and Exchange Commission.
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