(Microcapmarkets.com, June 3, 2010) New York, NY - Covidien(COV) announced an agreement Tuesday to buy all of ev3's(EVVV) outstanding shares for $2.6 billion, or $22.50 a share, in cash.

The transaction will take the form of an all-cash tender offer by a wholly-owned subsidiary of Covidien, followed by a second-step merger expected to be completed by July 31.
On a non-GAAP basis, Covidien expects this transaction to dilute fiscal 2010 earnings per share by 5 cents to 8 cents. Covidien expects fiscal 2011 non-GAAP earnings per share to be diluted by about 10 cents to 15 cents.

Ev3 Inc. shares gapped up to $22.25 after the news was released on a massive flow of volume.

Mediacom Communications Corp (MCCC) said Chief Executive Rocco Commisso has offered to take the cable television system operator private at $6 a share, a premium of 13 percent to the stock's Friday closing price.

Commisso intends to buy all outstanding Class A and Class B common stock of the company he founded.

As of April 30, Mediacom had about 68.1 million shares of class A and B outstanding, bringing the total value of the deal to about $408.6 million.

The stock traded up above $6.00 per share on the news.

Submitted by Richard Bates