UPDATE 2-Thoratec drops effort to buy HeartWare
By : * Thoratec drops HeartWare deal on FTC challenge
Date posted :2009-07-31 16:58:00
* FTC says decision to scrape deal good for heart patients (Adds FTC offical's quote last two paragraphs, dateline)
WASHINGTON, July 31 (Reuters) - Cardiac-device maker Thoratec Corp (THOR.O) terminated a deal to buy Australia's HeartWare International Inc (HTWR.O) (HIN.AX) on Friday after U.S. antitrust enforcers said they would challenge it.
The companies, which mutually decided to end the deal, had announced the takeover plan in February.
"Although we continue to believe in the benefits of the transaction, our management and board of directors have determined that it was in the best long-term interests of Thoratec and its shareholders not to pursue what would likely be a protracted, costly and unpredictable litigation process," Chief Executive Gary Burbach said in a statement.
The Federal Trade Commission had authorized a lawsuit seeking a preliminary injunction to stop the deal from closing while the agency held an administrative proceeding to assess it.
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