A Medical Device Daily

Nipro (Osaka, Japan) and Home Diagnostics (Fort Lauderdale, Florida) reported the completion of the offer to purchase all outstanding shares of the common stock of Home Diagnostics by Nipro's subsidiary, Nippon Product Acquisition.

The offer expired at 12:00 midnight, EDT, on March 11. Based on information provided by Wells Fargo Bank, National Association, the depositary for the offer, 16,293,824 Home Diagnostics shares (including 374,405 shares tendered pursuant to guaranteed delivery procedures) were validly tendered and not withdrawn immediately prior to the expiration of the offer. The tendered shares represent nearly 95.85% of Home Diagnostics' outstanding shares.

Following the merger, Home Diagnostics' shares will cease to be traded on the Nasdaq Global Select Market and Home Diagnostics no longer will be required to file with the U.S. Securities and Exchange Commission certain information and periodic reports.

Last month, Nipro agreed to acquire Home Diagnostics for $215 million, or about $11.50 a share (Medical Device Daily, Feb 4, 2010).

Home Diagnostics makes diabetes-testing supplies and Nipro makes and distributes devices and pharmaceutical products.

In other dealmaking activity, National Health Investors (NHI; Murfreesboro, Tennessee) reported a total of $29.7 million in purchase/leaseback transactions. The transactions include three assisted living and memory care facilities totaling 102 units in Minnesota with Suite Living Senior Specialty Services (formerly known as Comforts of Home for $17.2 million and a 66-bed acute psychiatric hospital known as Alvarado Parkway Behavioral Institute in La Mesa, California with Helix Healthcare (La Mesa, California) for $12.5 million. The purchases were funded with borrowings from NHI's revolving credit facility. The transactions will bring NHI's total investments to date in 2010 to $96.7 million.

The Alvarado Parkway Behavioral Institute, which opened in 1984 and is certified by the Joint Commission on the Accreditation of Healthcare Organizations, is leased to Helix for a term of 15 years at an initial lease payment of $1.5 million plus annual fixed escalators.