Sorin, Cyberonics To Contest Claim By Italian Attorney Seeking To Enjoin Merger

(RTTNews) - Sorin S.p.A. (SORJF.PK) and Cyberonics, Inc. (CYBX) announced Sorin's intent to vigorously contest a claim by the state's attorney of Milan or Avvocato dello Stato di Milano or the "Italian State's Attorney" seeking to enjoin the previously announced combination of Sorin and Cyberonics.

The claim was filed with the Civil Court of Milan on behalf of the Italian Ministry of the Environment and other Italian public authorities, and received by Sorin on July 24th, 2015.

Sorin and Cyberonics announced on February 26, 2015 that the boards of directors of both companies unanimously approved a combination of the companies under a newly formed holding company, LivaNova PLC, previously Sand HoldCo PLC. The Transaction, which remains subject to approval by Cyberonics shareholders, was overwhelmingly approved by Sorin shareholders on May 26, 2015.

The Italian State's Attorney alleged in the claim that the Transaction is intended to insulate Sorin from potential liability related to pending environmental litigation against Sorin's previous parent, SNIA S.p.A.

Sorin and Cyberonics believe the Italian State's Attorney fundamentally misunderstands and misconstrues the structure and goals of the Transaction, as well as Italian and European laws and regulations governing these types of transactions. Sorin and Cyberonics believe that the allegations by the Italian State's Attorney are without merit, and Sorin intends to contest them in the Civil Court of Milan, Cyberonics said.

The Transaction will create a new premier global medical technology company. LivaNova will have a strategic presence in over 100 countries on five continents around the world, with approximately 4,500 employees.