Business News

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

Tuesday 24. November 2009 - Acquisition Expected To Be Completed Today

Kimberly-Clark Corporation (NYSE: KMB) today announced that the depositary for its tender offer for all the outstanding common stock of I-Flow Corporation (NASDAQ: IFLO) has advised that as of the expiration of the tender offer, stockholders of I-Flow tendered approximately 22,407,901 shares, representing approximately 90.8% of I-Flow’s outstanding shares. The tender offer expired at 5:00 p.m., New York City time, on November 23, 2009 and was not extended.

According to the terms of the tender offer, all shares that were validly tendered have been accepted for payment. Kimberly-Clark intends to complete the acquisition of all remaining shares of I-Flow through a merger by close of business today. In the merger, each of the remaining shares of I-Flow common stock will be converted into the right to receive $12.65 per share, in cash, without interest and less any required withholding taxes, which is the same amount per share paid in the tender offer. The offer was conducted through Boxer Acquisition, Inc., a wholly owned subsidiary of Kimberly-Clark. As a result of the purchase of the shares in the tender offer, Boxer Acquisition has sufficient voting power to approve the merger without the affirmative vote of any other I-Flow stockholder. Following the completion of the merger, I-Flow will operate as part of Kimberly-Clark Health Care, and I-Flow’s common stock will no longer list on NASDAQ.