Birmingham based corporate finance adviser, Cattaneo, has advised Los Angeles-based Masimo Corporation on its £31m acquisition of AIM-traded company, LiDCO Group plc, by way of a recommended cash offer under the Takeover Code.

The offer was made by Masimo LHC Limited, a UK registered company established by Masimo Corporation for the purpose of the acquisition.  Masimo (NASDAQ: MASI) is a global medical technology company that develops, manufactures, distributes, and licenses innovative patient monitoring technologies, medical devices, and a wide array of sensors.  It has sales of $938m and a market capitalisation of more than $13 billion.

LiDCO, based in London, develops, manufactures and sells advanced hemodynamic monitoring devices primarily for critical care and high risk surgical patients. LiDCO’s equipment measures crucial physiological parameters, monitoring the amount of blood flowing around the body, the requirement for intravenous fluids, and vasoactive support to help ensure that the body’s tissues and organs are adequately oxygenated.

The offer was announced in early November with the support of 37.7% of LiDCO’s shareholders who gave undertakings to accept the offer.  At second closing five weeks later, after having made a series of market purchases of shares, Massimo either owned or had acceptances for 90.4% of LiDCO shares and declared the offer unconditional.  The offer will remain open until 11 January 2021 for the remaining LiDCO shareholders to accept.

The Cattaneo team comprising Charles Cattaneo, Martyn Pilley and Matt Jones advised Masimo on the whole acquisition process including the UK Takeover Code aspects.  Cattaneo worked closely with Masimo’s lawyers, the London and California offices of Paul Hastings LLP.  Keith Spedding from the Birmingham office of Shakespeare Martineau provided legal advice to Cattaneo.  Pinsent Masons provided legal advice to LiDCO.

Commenting on the Offer, Joe Kiani, Chief Executive Officer and Chairman of Masimo Corporation, said:

“Masimo shares LiDCO’s commitment to providing innovative, best-in-class monitoring solutions to support evidence-based clinical decisions to enhance patient safety and outcomes.  I believe the complementary strategic fit between our respective technologies and businesses will enhance the prospects for LiDCO’s customers as part of Masimo Corporation’s global operations.”

Charles Cattaneo commented:

“We are delighted that Masimo have completed the acquisition of LiDCO.  We were appointed by Masimo due to our track record of acting on UK public company takeovers, including across international borders, and our ability to provide clear and effective advice on the intricacies of the UK Takeover Code.  During what has been a turbulent year It has been gratifying to be able to win clients from 8 time zones away and service them with our team located in the Midlands.”

Cattaneo Corporate Finance advised Masimo Corporation on the takeover of LiDCO Group Plc