Business News

Kimberly-Clark Corporation Completes Initial Tender Offer for I-Flow Corporation

Thursday 19. November 2009 - Company Will Commence Subsequent Offering Period

Kimberly-Clark Corporation (NYSE:KMB) today announced that the initial offering period of its tender offer for all outstanding shares of common stock of I-Flow Corporation (NASDAQ:IFLO) expired at midnight (New York City time) on November 17, 2009. The offer was conducted through Boxer Acquisition, Inc., a wholly-owned subsidiary of Kimberly-Clark.
The depositary for the tender offer has advised Kimberly-Clark that, as of the expiration of the initial offering period, a total of approximately 21,279,272 shares of I-Flow common stock were validly tendered and not validly withdrawn, representing approximately 87.1 percent of the outstanding shares of I-Flow common stock. All shares that were validly tendered and not validly withdrawn during the initial offering period have been accepted for payment.
The depositary has also advised Kimberly-Clark that it has received commitments to tender approximately 506,582 additional shares under the guaranteed delivery procedures described in the offer.
Kimberly-Clark also announced that it is commencing through Boxer Acquisition, Inc. a subsequent offering period of its tender offer to acquire all remaining shares of I-Flow common stock. This subsequent offering period will expire at 5:00 p.m. (New York City time) on November 23, 2009, unless extended.
Any shares validly tendered during this subsequent offering period will be accepted immediately for payment, and tendering stockholders will thereafter promptly be paid $12.65 in cash for each share of I-Flow common stock tendered, without interest and less any required withholding taxes. This is the same amount per share that was offered and paid in the initial offering period.
The subsequent offering period enables holders of shares of I-Flow common stock who did not tender during the initial offering period to participate in the offer and receive the offer price on an expedited basis rather than waiting until the completion of the merger described below. Shares tendered during this subsequent offering period cannot be delivered by the guaranteed delivery procedure and may not be withdrawn. In addition, shares validly tendered during the initial offering period may not be withdrawn during the subsequent offering period.
Following the expiration of the subsequent offering period, Kimberly-Clark intends to complete the acquisition of all remaining shares of I-Flow through a merger. Following the completion of the merger, I-Flow will operate as part of Kimberly-Clark Health Care.