Bloomington company bought for $3 billion

Cook Group Incorporated, a Bloomington-based group of medical device companies, has agreed to a $3 billion acquisition offer from Guidant Corporation based in Indianapolis. \nGuidant, a world-class company in the development and design of cardiovascular medical products, will now take over the 40-year-old company. \n"Through this acquisition, Guidant secures one of the most highly skilled workforces in the medical device industry, one located right in their backyard," said William A. Cook, founder and chairman of the board of Cook Group Incorporated, in a recent Cook news release. \n"We are pleased to enter into this agreement with Guidant as it brings us closer to our mutual goal of advancing breakthrough medical technologies to patients, clinicians and other key constituents around the world," he said. "Our companies have already demonstrated success under our current agreement for the development and manufacture of paclitaxel-eluting stents. We have also identified many shared values and cultural similarities including our commitment to employees and the communities in which we operate."\nCook Group Incorporated is the parent company of Cook Incorporated and Sabin Corp., both of Bloomington, Cook Urological of Spencer, Ind., Wilson-Cook Medical Inc. of Winston-Salem, N.C., Cook Ireland LTD of Limerick, Ireland, William A. Cook Australia, PTY. LTD. of Brisbane, Australia and William Cook Europe ApS of Bjaeverskov, Denmark. Other worldwide distribution and sales companies owned by Cook are included in the agreement as well.\nAddressing the company's loyalty to Bloomington in a recent press release, Mayor John Fernandez said Cook is held in high regard among those who have been touched by his generosity.\n"Bill Cook cares deeply about Bloomington. His commitment to the community is reflected in his leadership as an employer, in historic preservation and revitalization of our downtown and in his generosity to IU and so many community organizations," Fernandez said. "He is a visionary and a man of good will. We remain optimistic that he recognized a synergy between the two companies and chose this succession path to further the long-term interests of the company and the community."\n"It's important to note that Cook is retaining certain operations and that Bill Cook and several senior managers will retain a world headquarters in Bloomington," Fernandez added. "With Bill's entrepreneurial drive, it's possible we will be seeing a similar announcement again in ten years."\nThe stock-for-stock transaction is to be finalized in the early months of 2003. The agreement is subject to an issuance at a maximum of 65.79 million shares of Guidant that are priced in two phases. The first is priced at a minimum $40 per Guidant share and a maximum of 41.25 million shares issued. The second phase is to be priced at $55 minimum per Guidant share and a maximum of 24.54 million shares issued. \nCook currently has approximately 4,400 employees worldwide and owns numerous businesses that specialize in the production of products for urology, interventional cardiology, interventional radiology, neuroradiology, critical care and vascular medicine. The company also owns other allied manufacturing companies specialized in producing parts utilized in the manufacturing of medical devices.\n"This agreement is strategically important as it adds clarity around our ability to fully participate in the drug eluting stent market opportunity," stated Ronald W. Dollens, president and CEO of Guidant Corporation, in a Guidant news release. "Each company brings product development, manufacturing and marketing expertise that will significantly enhance our business."\nIncorporated in 1994, Guidant has since grown to a staff exceeding 10,000 and earned more than $2.7 billion in revenue. \n"Probably no single company in the medical device industry has equaled the number of revolutionary products that we have invented and produced for the betterment of society," Cook said.\n"But now, it is time to make plans to protect the company's future and ensure that this legacy of innovation continues"