CORRECTED - CORRECTED-UPDATE 2-Covidien to buy VNUS Medical for $440 mln

venerdì 8 maggio 2009 18:19

(Corrects throughout to show that the name of the Stifel Nicolaus analyst is Thomas Kouchoukos, not McGrath Kathleen)

* Covidien to buy VNUS for $29/shr

* Offer is at premium of 36 pct to VNUS' Thursday close

* VNUS Q1 EPS, revenue beat Street

* VNUS shares touch lifetime high (Adds analysts' comments, updates share movement)

By Anand Basu

BANGALORE, May 8 (Reuters) - Medical products maker Covidien Ltd COV.N said it would buy VNUS Medical Technologies Inc VNUS.O for about $440 million, or $29 a share, in cash to expand its presence in the vascular market, sending VNUS shares to a lifetime high.

The deal represents a premium of 36 percent to VNUS' closing price on Thursday.

"I think at $29 it makes fair assumptions for both the buyer and the seller. VNUS is going to continue to grow over the next three or five years at over 20 percent," said Roth Capital Partners' analyst Matt Dolan.   Continua...