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Acquisitions And Initiatives
9 Months Ended
Sep. 30, 2011
Acquisitions And Initiatives [Abstract] 
Acquisitions And Initiatives

2. Acquisitions and Initiatives

On September 20, 2011, the company and ClearStream Technologies Group plc ("ClearStream") entered into an agreement pursuant to which a subsidiary of Bard made a cash offer of 85 pence per share to acquire all of the outstanding shares of ClearStream, subject to certain conditions. The total cash consideration to be paid to ClearStream's shareholders, assuming the offer is fully accepted, is approximately $68 million. ClearStream, based in Enniscorthy, Co. Wexford, Ireland, is a company that develops and sells proprietary products used in angioplasty. The acquisition complements Bard's core competencies and enhances Bard's vascular product portfolio. In connection with the offer, and in order to satisfy local rules in Ireland governing transactions of this type, a subsidiary of Bard deposited $83.7 million into a segregated account in order to ensure the availability of funds to be paid to ClearStream's shareholders at closing. These funds are recorded as a component of restricted cash at September 30, 2011. The company acquired a controlling interest in ClearStream in October 2011 and expects to complete the acquisition in the fourth quarter of 2011. The company has not yet completed the initial purchase accounting due to the timing of this acquisition.

On December 15, 2010, the company entered into an accelerated share repurchase ("ASR") agreement with a bank to repurchase $750 million of the company's outstanding common stock. The company received 8.1 million shares upon initial settlement under the ASR transaction. The initial settlement was subject to an adjustment related to a forward purchase contract based on the volume-weighted average share price of the company's common stock during a predetermined period, less a discount. On September 9, 2011, the company remitted a cash payment of $58.9 million to the bank counterparty upon final settlement under the ASR agreement. The payment to the bank was recorded as a decrease to shareholders' investment, consisting of a decrease of $69.1 million in retained earnings and an increase of $10.2 million in capital in excess of par value.