Irvine-based Cardiac Science Inc. said Monday that shareholders looking to block its combination with Quinton Cardiology Systems Inc. have agreed to give up the fight.
In return, Cardiac Science said it would provide more information on its pending deal with Quinton.
Shares of Irvine-based heart defibrillator maker Cardiac Science were up one penny to 95 cents a share at close of trading Monday.
Cardiac Science said that shareholders’ lawyers agreed to dismiss a class-action lawsuit filed in Delaware court. The deal still needs court approval. Cardiac also said an institutional shareholder in a related case agreed to the same deal.
Cardiac Science and Quinton, based in Bothell, Wash., agreed to combine in late February under the Cardiac Science name.
Quinton shareholders are set to get about three-quarters of a share in the new company for each share of Quinton stock. Shareholders of Cardiac Science would get a tenth of a share in the new company for every share of their existing stake.
The new Cardiac Science headquarters will be in Bothell. The company plans to keep research and development operations in Lake Forest.
