Intermagnetics General Corporation (Nasdaq: IMGC) announced that shareholders at a special meeting in New York approved the company’s acquisition by Philips Holding USA, Inc., a subsidiary of Royal Philips Electronics, N.V. (NYSE: PHG, AEX: PHI). The merger was announced by Philips and Intermagnetics on June 15, 2006. Completion of the transaction remains subject to regulatory approval by the European Commission, and to the satisfaction or waiver of other conditions and terms of the merger agreement. The merger is expected to close during the fourth quarter of calendar 2006.
Intermagnetics operates in the market of Magnetic Resonance Imaging (MRI), and has an expanding businesses in Medical Devices that encompasses Invivo Diagnostic Imaging (focusing on MRI components & imaging sub-systems) and Invivo Patient Care (focusing on monitoring & other patient care devices). Intermagnetics is also a prominent participant in superconducting applications for Energy Technology. The company has a 35-year history as a successful developer, manufacturer and marketer of superconducting materials, high-field magnets, medical systems & components and other specialized high-value added devices.
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