Ev3 Inc. upped its offer Monday for the part of Irvine-based Micro Therapeutics Inc. that it doesn’t already own.
Plymouth, Minn.-based ev3 Inc. now is offering about $115 million for Micro Therapeutics, which makes products to treat stroke-related brain disorders and blood clots. Ev3’s previous offer in October was an all-stock deal worth about $110 million.
The company already owns slightly more than 70% of Micro Therapeutics’ shares.
In a release, ev3 said it would issue about 6.9 million new shares of its stock to Micro shareholders at the deal’s close, which is expected in the first quarter of 2006.
The acquisition doesn’t require approval by the remaining shareholders because ev3 is Micro Therapeutics’ majority owner.
But ev3, Micro Therapeutics and several of its officers and directors were sued last month by Lascala Partners, a shareholder that alleged that the deal undervalued Micro Therapeutics.
Ev3 has said in federal filings that it believed the suit was without merit.
