{"id":412821,"date":"2021-01-12T07:16:05","date_gmt":"2021-01-12T12:16:05","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=412821"},"modified":"2021-01-12T07:16:05","modified_gmt":"2021-01-12T12:16:05","slug":"steris-announces-definitive-agreement-to-acquire-cantel-medical","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/steris-announces-definitive-agreement-to-acquire-cantel-medical\/","title":{"rendered":"STERIS Announces Definitive Agreement to Acquire Cantel Medical"},"content":{"rendered":"<div class=\"mw_release\">\n<ul>\n<li style=\"text-align:left\">\n          <strong><br \/>\n            <em>Complementary to STERIS\u2019s product and service portfolio, focused on infection prevention<\/em><br \/>\n          <\/strong><br \/>\n          \n        <\/li>\n<li>\n          <strong><br \/>\n            <em>Extends STERIS\u2019s reach to Dental Customers<\/em><br \/>\n          <\/strong>\n        <\/li>\n<li>\n          <strong><br \/>\n            <em>$110 million in expected EBIT synergies by year four<\/em><br \/>\n          <\/strong>\n        <\/li>\n<li>\n          <strong><br \/>\n            <em>Accretive to adjusted earnings per diluted share in year one<\/em><br \/>\n          <\/strong>\n        <\/li>\n<li>\n          <strong><br \/>\n            <em>Conference call with STERIS and Cantel management today at 8:00 a.m. ET<\/em><br \/>\n          <\/strong>\n        <\/li>\n<\/ul>\n<p>DUBLIN, IRELAND and LITTLE FALLS, N.J, Jan.  12, 2021  (GLOBE NEWSWIRE) &#8212; STERIS plc (NYSE: STE) (\u201cSTERIS\u201d or the \u201cCompany\u201d) and Cantel Medical Corp (NYSE:CMD) (\u201cCantel\u201d) today announced that STERIS has signed a definitive agreement to acquire Cantel, through a U.S. subsidiary.\u00a0 Cantel is a global provider of infection prevention products and services primarily to endoscopy and dental Customers.\u00a0 Under the terms of the agreement, STERIS will acquire Cantel in a cash and stock transaction valued at $84.66 per Cantel common share, based on STERIS\u2019s closing share price of $200.46 on January 11, 2021. This represents a total equity value of approximately $3.6 billion and a total enterprise value of approximately $4.6 billion, including Cantel\u2019s net debt and convertible notes.\u00a0 The agreement has been unanimously approved by the Boards of Directors of both companies.<\/p>\n<p>\u201cWe have long appreciated Cantel, which is a natural complement and extension to STERIS\u2019s product and service offerings, global reach and Customers,\u201d said Walt Rosebrough, President and Chief Executive Officer of STERIS.\u00a0 \u201cOur companies share a similar focus on infection prevention across a range of healthcare Customers. \u00a0Combined, we will offer a broader set of Customers a more diversified selection of infection prevention and procedural products and services.\u00a0 We welcome the people of Cantel to the STERIS team and firmly believe we will create greater value for our Customers and shareholders together.\u201d<\/p>\n<p>Charles M. Diker, Chairman of the Cantel Board of Directors, has separately entered into a voting support agreement along with certain other entities collectively holding approximately 10% of Cantel\u2019s outstanding shares. Mr. Diker said, \u201cWe are pleased to reach this agreement with STERIS, which is the culmination of a robust process to achieve an outcome that allows Cantel shareholders to participate in the significant upside of the combined company, while also providing them with immediate cash value. \u00a0Together with STERIS, we believe the value opportunity is compelling, both today and in a post-COVID world, as the combined company will have the scale, breadth and depth to unlock substantial value that will drive further benefits for Cantel shareholders, Customers and all stakeholders.\u201d<\/p>\n<p>\u201cWe believe Cantel and STERIS are a perfect strategic fit, and this combination is a natural next step for our company, enabling us to accelerate progress on our Cantel 2.0 initiatives and drive enhanced value for shareholders and the healthcare providers and systems we support,\u201d said George Fotiades, CEO of Cantel. \u00a0\u201cThe last year has demonstrated more than ever the importance of innovative and comprehensive infection prevention and control solutions that protect healthcare providers and patients. \u00a0Together with STERIS, we will be able to provide a more extensive and innovative suite of offerings to our Customers around the world. \u00a0Importantly, STERIS recognizes that our proven and talented team is the foundation of Cantel\u2019s success and we look forward to working collaboratively to bring our two organizations together.\u201d<\/p>\n<p>This transaction brings together STERIS\u2019s and Cantel\u2019s franchises to create a stronger global business serving a broader set of Customers. Cantel\u2019s largest business, its Medical portfolio, will strengthen and expand STERIS\u2019s Endoscopy offerings, adding a full suite of high-level disinfection consumables, capital equipment and services, as well as additional single-use accessories. Cantel\u2019s Dental business extends STERIS into a new Customer segment where there is an increasing focus on infection prevention protocols and processes.\u00a0 Annual revenue for Cantel in its recent fiscal year ended July 31, 2020, was approximately $1 billion, with adjusted EBIT of approximately $134 million.<\/p>\n<p>\n        <strong>Financial Highlights and Transaction Details<\/strong><br \/>\n        <br \/>The companies expect to realize annualized pre-tax cost synergies of approximately $110 million by the fourth fiscal year following the close, with approximately 50% achieved in the first two years.\u00a0 Cost synergies are expected to be primarily driven by cost reductions in redundant public company and back-office overhead, commercial integration, product manufacturing, and service operations.<\/p>\n<p>Under the terms of the agreement, Cantel common stockholders will receive approximately $16.93 in cash and 0.33787 of a STERIS ordinary share, or a total of value of approximately $84.66 per Cantel common share based on STERIS&#8217;s closing share price of $200.46 on January 11, 2021. \u00a0The transaction is anticipated to close by the end of STERIS\u2019s first quarter of fiscal 2022 (ending June 30, 2021), pending customary closing conditions including receipt of regulatory approvals and approval by Cantel stockholders.\u00a0<\/p>\n<p>STERIS expects to fund the cash portion of the transaction consideration and repay a significant amount of Cantel\u2019s existing debt with approximately $2.0 billion of new debt and has obtained fully committed bridge financing.\u00a0\u00a0<\/p>\n<p>\n        <strong>Conference Call <\/strong><br \/>\n        <br \/>Management from both companies will host a conference call at 8:00 a.m. ET today.\u00a0 The conference call can be heard live online at <u>steris-ir.com<\/u> or via phone by dialing 1-833-535-2199 in the United States or 1-412-902-6776 internationally, then asking to join the conference call for STERIS plc.<\/p>\n<p>For those unable to listen to the conference call live, a replay will be available by 12:00 p.m. ET today, either online at <u>steris-ir.com<\/u> or via phone.\u00a0 To access the replay of the call, please use the access code 10151379 and dial 1-877-344-7529 in the United States or 1-412-317-0088 internationally.<\/p>\n<p>\n        <strong>Advisors<\/strong><br \/>\n        <br \/>Guggenheim Securities is serving as financial advisor to STERIS and Jones Day is serving as legal counsel.\u00a0 JPMorgan Chase Bank, N.A., served as sole lead arranger and bookrunner in respect of the bridge financing. Centerview Partners LLC is serving as exclusive financial advisor to Cantel and Wachtell, Lipton, Rosen &amp; Katz is serving as legal counsel.<\/p>\n<p>\n        <strong>About STERIS<\/strong><br \/>\n        <br \/>STERIS\u2019s MISSION IS TO HELP OUR CUSTOMERS CREATE A HEALTHIER AND SAFER WORLD by providing innovative healthcare and life science product and service solutions around the globe. For more information, visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=dJhYgpI6UlTioltQCjlJV7hWJqkB7pmrHBueUODfeqN-yLlPTmdOVLvbu7OMh5SJGFMNFdPmjNXZYqc8izBp3g==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>www.steris.com<\/u><\/a>.<\/p>\n<p>\n        <strong>About Cantel:<\/strong><br \/>\n        <br \/>Cantel is a leading global company dedicated to delivering innovative infection prevention products and services for patients, caregivers, and other healthcare providers which improve outcomes, enhance safety and help save lives. Cantel\u2019s products include specialized medical device reprocessing systems for endoscopy and renal dialysis, advanced water purification equipment, sterilants, disinfectants and cleaners, sterility assurance monitoring products for hospitals and dental clinics, disposable infection control products primarily for dental and GI endoscopy markets, instruments and instrument reprocessing workflow systems serving the dental industry, dialysate concentrates, hollow fiber membrane filtration and separation products. Additionally, Cantel provides technical service for its products.\u00a0 For further information, visit the Cantel website at <u>www.cantelmedical.com<\/u>.<\/p>\n<p>\n        <strong>STERIS Investor Contact:<\/strong><br \/>\n        <br \/>Julie Winter, Vice President, Investor Relations and Corporate Communications<br \/>Julie_Winter@steris.com<br \/>+1 440 392 7245<\/p>\n<p>\n        <strong>STERIS Media Contact:<\/strong><br \/>\n        <br \/>Stephen Norton, Senior Director, Corporate Communications<br \/>Stephen_Norton@steris.com<br \/>+1 440 392 7482<\/p>\n<p>\n        <strong>Cantel<\/strong><br \/>\n        <strong> Investor Contact:<\/strong><br \/>\n        <br \/>Matthew Micowski, VP, FP&amp;A and Investor Relations <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=SZPOUB9qk3C3YhvN0rV1C2M4Vkl37S8dgZ2HZielnOQhJP1IohPeZVronjg-KVpp-5XwtM6-f7So9n9Cl4nJzpEBUqP7yu5AAnF1tBvx2SOHzQa7IkK5x6Ey8GaQHttP\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">mmicowski@cantelmedical.com<\/a><br \/>+1 973 774 7455<\/p>\n<p>\n        <strong>Cantel Media Contact:<\/strong><br \/>\n        <br \/>Joele Frank, Wilkinson Brimmer Katcher<br \/> Jim Golden\u00a0\/\u00a0Nick Lamplough \/\u00a0Joseph Sala \/ Lucas Pers<br \/> +1 212 355 4449<\/p>\n<p>\n        <strong>Non-GAAP Financial Measures<\/strong><br \/>\n        <br \/>\n        <em><br \/>\n          <br \/>\n        <\/em>Adjusted EBIT is a non-GAAP measure that may be used from time to time and should not be considered a replacement for GAAP results. Adjusted EBIT is defined as Earnings Before Interest and Taxes excluding certain non-GAAP adjustments. The types of adjustments that are excluded include: (i) amortization of purchased intangible assets, (ii) acquisition-related items, (iii) business optimization and restructuring-related charges, (iv) other significant items management deems irregular or non-operating in nature. Adjusted EBIT is used when evaluating operating performance because management believes the exclusion of such adjustments, of which a significant portion are non-cash items, is necessary to provide the most accurate measure of on-going core operations. Further information can be found in the Annual Report on Form 10-K of Cantel.<\/p>\n<p>The Non-GAAP financial measure is presented in this release with the intent of providing greater transparency to supplemental financial information used by management and the Board of Directors in their financial analysis and operational decision making. This amount is disclosed so that the reader has the same financial data that management uses with the belief that it will assist investors and other readers in making comparisons to our historical operating results and analyzing the underlying performance of our operations for the periods presented.\u00a0 The Company believes that the presentation of this non-GAAP financial measure, when considered along with our GAAP financial measures, provides a more complete understanding of the factors and trends affecting our business than could be obtained absent this disclosure.<\/p>\n<p>Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies\u2019 non-GAAP financial measures having the same or similar names. This adjusted financial measure should not be considered in isolation or as a substitute for operating income or net earnings, the most directly comparable GAAP financial measures. This non-GAAP financial measure is an additional way of viewing aspects of the Company\u2019s operations that, when viewed with GAAP results and the reconciliation to corresponding GAAP financial measures below, provide a more complete understanding of the business. The Company strongly encourages investors and shareholders to review its financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.<\/p>\n<p>\n        <strong>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION<\/strong>\n      <\/p>\n<p>This communication contains forward-looking statements within the meaning of the federal securities laws about STERIS, Cantel and the proposed transaction. Forward-looking statements speak only as to the date the statement is made and may be identified by the use of forward-looking terms such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpects,\u201d \u201cbelieves,\u201d \u201canticipates,\u201d \u201cplans,\u201d \u201cestimates,\u201d \u201cprojects,\u201d \u201ctargets,\u201d \u201cforecasts,\u201d \u201coutlook,\u201d \u201cimpact,\u201d \u201cpotential,\u201d \u201cconfidence,\u201d \u201cimprove,\u201d \u201coptimistic,\u201d \u201cdeliver,\u201d \u201corders,\u201d \u201cbacklog,\u201d \u201ccomfortable,\u201d \u201ctrend\u201d, and \u201cseeks,\u201d or the negative of such terms or other variations on such terms or comparable terminology. These forward-looking statements are based on our respective management\u2019s current expectations, estimates or forecasts about our businesses, the industries in which we operate and current beliefs and assumptions of management and are subject to uncertainty and changes in circumstances. Readers of this communication should understand that these statements are not guarantees of performance or results. Many important factors could affect actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements, including those set forth in this communication. No assurances can be provided as to any result or the timing of any outcome regarding matters described in STERIS\u2019s or Cantel\u2019s securities filings or otherwise with respect to any regulatory action, administrative proceedings, government investigations, litigation, warning letters, cost reductions, business strategies, earnings or revenue trends or future financial results. Unless legally required, STERIS and Cantel do not undertake to update or revise any forward-looking statements even if events make clear that any projected results, express or implied, will not be realized. These risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements include, without limitation:<\/p>\n<p>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the failure to obtain Cantel stockholder approval of the proposed transaction; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the possibility that the closing conditions to the proposed transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant a necessary regulatory approval and any conditions imposed on the combined entity in connection with consummation of the proposed transaction; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 delay in closing the proposed transaction or the possibility of non-consummation of the proposed transaction; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the risk that the cost savings and any other synergies from the proposed transaction may not be fully realized or may take longer to realize than expected, including that the proposed transaction may not be accretive within the expected timeframe or to the extent anticipated; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the occurrence of any event that could give rise to termination of the merger agreement; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the risk that shareholder\/stockholder litigation in connection with the proposed transaction may affect the timing or occurrence of the proposed transactions or result in significant costs of defense, indemnification and liability; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 risks related to the disruption of the proposed transaction to STERIS, Cantel and our respective managements; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 risks relating to the value of the STERIS shares to be issued in the transaction;<br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the effect of announcement of the proposed transaction on our ability to retain and hire key personnel and maintain relationships with customers, suppliers and other third parties; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the impact of the COVID-19 pandemic on STERIS\u2019s or Cantel\u2019s operations, performance, results, prospects, or value; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 STERIS\u2019s ability to achieve the expected benefits regarding the accounting and tax treatments of the redomiciliation to Ireland (\u201cRedomiciliation\u201d);<br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 operating costs, Customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, Customers, clients or suppliers) being greater than expected following the Redomiciliation; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 STERIS\u2019s ability to meet expectations regarding the accounting and tax treatment of the Tax Cuts and Jobs Act (\u201cTCJA\u201d) or the possibility that anticipated benefits resulting from the TCJA will be less than estimated; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 changes in tax laws or interpretations that could increase our consolidated tax liabilities, including changes in tax laws that would result in STERIS being treated as a domestic corporation for United States federal tax purposes; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the potential for increased pressure on pricing or costs that leads to erosion of profit margins; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the possibility that market demand will not develop for new technologies, products or applications or services, or business initiatives will take longer, cost more or produce lower benefits than anticipated; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the possibility that application of or compliance with laws, court rulings, certifications, regulations, regulatory actions, including without limitation any of the same relating to FDA, EPA or other regulatory authorities, government investigations, the outcome of any pending or threatened FDA, EPA or other regulatory warning notices, actions, requests, inspections or submissions, or other requirements or standards may delay, limit or prevent new product or service introductions, affect the production, supply and\/or marketing of existing products or services or otherwise affect STERIS\u2019s or Cantel\u2019s performance, results, prospects or value; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the potential of international unrest, economic downturn or effects of currencies, tax assessments, tariffs and\/or other trade barriers, adjustments or anticipated rates, raw material costs or availability, benefit or retirement plan costs, or other regulatory compliance costs; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the possibility of reduced demand, or reductions in the rate of growth in demand, for STERIS\u2019s or Cantel\u2019s products and services; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the possibility of delays in receipt of orders, order cancellations, or delays in the manufacture or shipment of ordered products or in the provision of services; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the possibility that anticipated growth, cost savings, new product acceptance, performance or approvals, or other results may not be achieved, or that transition, labor, competition, timing, execution, regulatory, governmental, or other issues or risks associated with STERIS\u2019s and Cantel\u2019s businesses, industry or initiatives including, without limitation, those matters described in STERIS\u2019s and Cantel\u2019s respective Annual Reports on Form 10-K for the year ended March 31, 2020 and July 31, 2020, respectively, and other securities filings, may adversely impact STERIS\u2019s and\/or Cantel\u2019s performance, results, prospects or value; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the impact on STERIS and its operations, or tax liabilities, of Brexit or the exit of other member countries from the EU, and STERIS\u2019s ability to respond to such impacts; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the impact on STERIS, Cantel and their respective operations of any legislation, regulations or orders, including but not limited to any new trade or tax legislation, regulations or orders, that may be implemented by the U.S. administration or Congress, or of any responses thereto; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the possibility that anticipated financial results or benefits of recent acquisitions, including the acquisition of Key Surgical, or of STERIS\u2019s restructuring efforts, or of recent divestitures, or of restructuring plans will not be realized or will be other than anticipated; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the effects of contractions in credit availability, as well as the ability of STERIS\u2019s and Cantel\u2019s Customers and suppliers to adequately access the credit markets when needed; <br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 STERIS\u2019s ability to complete the acquisition of Cantel, including the fulfillment of closing conditions and obtaining financing, on terms satisfactory to STERIS or at all; and<br \/>\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 other risks described in STERIS\u2019s and Cantel\u2019s respective most recent Annual Reports on Form 10-K and other reports filed with the Securities and Exchange Commission.<\/p>\n<p>Readers are cautioned not to place undue reliance on any forward-looking statements included in this communication, which speak only as of the date of this communication. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable law. This cautionary statement is applicable to all forward-looking statements contained in this communication.<\/p>\n<p>\n        <strong>No Offer or Solicitation<\/strong><br \/>\n        <br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 This announcement is for informational purposes only and is not an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities, nor the solicitation of any vote or approval in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.\u00a0 No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.<\/p>\n<p>\n        <strong>Additional Information and Where to Find It<\/strong><br \/>\n        <br \/>In connection with the proposed transaction, STERIS will file a registration statement on Form S-4 with the Securities and Exchange Commission (the \u201cSEC\u201d). INVESTORS AND SECURITY HOLDERS OF STERIS AND CANTEL ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT\/PROSPECTUS THAT WILL BE PART OF THE REGISTRATION STATEMENT, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The final proxy statement\/prospectus will be mailed to stockholders of Cantel. Investors and security holders will be able to obtain the documents free of charge at the SEC\u2019s website, www.sec.gov, from Cantel at its website, www.Cantelmedical.com, or by contacting Cantel\u2019s Investor Relations Department at (973) 890-7220, or from STERIS at its website, www.steris.com, or by contacting STERIS\u2019s Investor Relations Department at (440) 392-7245.<\/p>\n<p>\n        <strong>Participants in Solicitation<\/strong><br \/>\n        <br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 STERIS, Cantel and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information concerning STERIS\u2019s participants is set forth in the proxy statement, filed June 5, 2020, for STERIS\u2019s 2020 annual meeting of shareholders as filed with the SEC on Schedule 14A and on certain of its Current Reports on Form 8-K. Information concerning Cantel\u2019s participants is set forth in the proxy statement, filed November 18, 2020, for Cantel\u2019s 2020 annual meeting of stockholders as filed with the SEC on Schedule 14A and on certain of its Current Reports on Form 8-K. Additional information regarding the interests of such participants in the solicitation of proxies, including direct and indirect interests, in respect of the proposed transaction will be included in the registration statement and proxy statement\/prospectus and other relevant materials to be filed with the SEC when they become available.<\/p>\n<\/p>\n<p id=\"gnw_attachments_section-header\">\n        <strong>Attachment<\/strong>\n      <\/p>\n<ul id=\"gnw_attachments_section-items\">\n<li>\n          <a target=\"_blank\" href=\"https:\/\/ml.globenewswire.com\/Resource\/Download\/6fb28a3e-abc3-46be-9ad1-9de7aa72566f\" rel=\"noopener noreferrer\">Cantel EBIT reconciliation<\/a>\n        <\/li>\n<\/ul>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODEyNDQ0NiMzOTE1MTk2IzIwMDc5MjI=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/e85a21d8-0a7c-4adc-9e68-a25be126a3c7\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Complementary to STERIS\u2019s product and service portfolio, focused on infection prevention Extends STERIS\u2019s reach to Dental Customers $110 million in expected EBIT synergies by year four Accretive to adjusted earnings per diluted share in year one Conference call with STERIS and Cantel management today at 8:00 a.m. ET DUBLIN, IRELAND and LITTLE FALLS, N.J, Jan. 12, 2021 (GLOBE NEWSWIRE) &#8212; STERIS plc (NYSE: STE) (\u201cSTERIS\u201d or the \u201cCompany\u201d) and Cantel Medical Corp (NYSE:CMD) (\u201cCantel\u201d) today announced that STERIS has signed a definitive agreement to acquire Cantel, through a U.S. subsidiary.\u00a0 Cantel is a global provider of infection prevention products and services primarily to endoscopy and dental Customers.\u00a0 Under the terms of the agreement, STERIS will acquire Cantel in a cash &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/steris-announces-definitive-agreement-to-acquire-cantel-medical\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;STERIS Announces Definitive Agreement to Acquire Cantel Medical&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-412821","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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