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Engaged Capital Pressures HeartWare to Drop Valtech Deal

NEW YORK (The Deal) -- Cardiac medical device maker HeartWare International (HTWR - Get Report) is under pressure from activist investor Engaged Capital on its proposed $860 million buy of Valtech Cardio.

Engaged's managing member Glenn Welling said in a letter to HeartWare's board Monday that the company should either call off its Valtech deal or face a proxy campaign.

The investor noted the dilutive effect of the Valtech deal on HeartWare shareholders. Investors immediately expressed their displeasure with the all-stock deal Monday, pushing shares down 24% from the $81.81 per share price at market close Sept. 1 before the deal was announced.

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Shares of HeartWare rose to $56.08 Monday afternoon after Engaged publicized its letter. However, shares are currently down...


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