HeartWare International (HTWR) Responds To Engaged Capital by Activist Stocks
HeartWare International, a leading innovator of less-invasive, miniaturized circulatory support technologies that are revolutionizing the treatment of advanced heart failure, today issued the following statement in response to Engaged Capital’s public comments regarding the Company’s pending acquisition of Valtech Cardio, Ltd.
“We respectfully disagree with Engaged Capital, which has been a HeartWare investor for just a few weeks, and we believe their analysis is incomplete. We remain fully committed to this strategic transaction. Our position is informed by our deep experience in the advanced heart failure market, the years of diligence we conducted on the mitral and tricuspid valve regurgitation markets, and the Company’s unique perspective on Valtech gained through our investment since 2013.
“Valtech’s differentiated mitral and tricuspid repair and replacement platform deepens our leadership in the advanced heart failure market and establishes us as a dynamic player in two of the highest-growth categories in this market today. The acquisition positions HeartWare for significantly accelerated revenue growth and provides a platform to expand our margin profile substantially over time. Since announcing the transaction, we have received overwhelmingly positive feedback from physicians who are excited about Valtech’s Cardioband, which recently received CE Mark approval, and the combination of HeartWare and Valtech.
“We are confident this acquisition will deliver significantly greater value to shareholders and patients alike than could be achieved through Engaged capital’s recommended alternatives. We are in active discussions with our shareholders to educate them on the strategic and financial merits of the transaction. We look forward to sharing additional information about the benefits of the transaction through the upcoming filing of our registration statement and continuing our productive discussions with all our stakeholders.”