Buyout of Arrow picks up support

0 Comments | Philadelphia Inquirer, The, August, 2007 | by Bob Fernandez Inquirer Staff Writer

A major shareholder in Arrow International Inc. said yesterday that it would support a proposed $2 billion buyout by Teleflex Inc. of Limerick, according to a regulatory filing.

The Robert L. McNeil Jr. 1983 Trust, which previously had opposed a sale of the company, which manufactures medical devices, said it supported the $45.50-per-share cash offer. It made no recommendation to other shareholders on how to vote on the deal.

Arrow, which is based in Reading, said yesterday that it had scheduled a shareholder meeting to vote on the deal for Sept. 20 at the Philadelphia Marriott. Shareholders of record on Aug. 7 can vote.

Frederick J. Hirt, Arrow's chief financial officer, said the trust's support was "a good endorsement and a good place to start" on...