U.S. Court Denies FTC Request To Block Steris' Acquisition Of Synergy Health

(RTTNews) - Steris Corp. (STE) announced that the U.S. District Court for the Northern District of Ohio has denied the Federal Trade Commission's request for a preliminary injunction to block STERIS's acquisition of Synergy Health Plc (SYR.L).

"We are pleased with the Court's decision, and we will work to expeditiously close the acquisition of Synergy Health," said Walt Rosebrough, President and CEO of STERIS Corporation.

Steris also announced that it intends to reschedule the vote of its shareholders on the proposed combination of STERIS and Synergy Health by adjourning the meeting currently scheduled for September 24, 2015 to October 2, 2015. Synergy Health has scheduled its shareholder meetings for the same date. The companies are rescheduling their respective shareholder votes to allow sufficient notice to Synergy's shareholders under U.K. law.

As a result of the delay in the timetable for the Combination, the extended FTC review of the Combination, and the litigation costs associated with contesting the FTC's challenge of the Combination, STERIS's and New STERIS's legal expenses in connection with the Combination are estimated to increase to approximately 16 million pounds and financing expenses in connection with the Combination may increase to up to 22 million pounds.

"We are pleased that the Court has agreed with our position and we will be working to close the transaction with Steris Corporation as quickly as possible. We believe that this is a strategically sensible deal that is beneficial to our customers, employees and our shareholders, creating new opportunities for growth with our combined strengths." said Dr Richard Steeves, CEO of Synergy Health plc.