Analogic's board of directors unanimously approved the agreement, which will take the company private. The $84 per share offer was below the $96.05 closing share price on April 10 but 25% higher than the company's closing share price of $67.45 on June 7, 2017 -- the date Analogic announced its plan to consider strategic alternatives.
Over the course of the review process, Analogic's strategic alternatives committee and board considered a comprehensive range of alternatives, including selling the entire company, separating the firm's three business units, and continuing to operate on a standalone basis for the short and long term, the company said. The board ultimately decided that a buyer with the strategic assets of Altaris provides maximum value and is in the best interest of Analogic's shareholders, according to chairman Bernard Bailey.
Altaris had made 34 investments over the past 15 years and has experience in manufacturing medical devices, imaging technologies, and diagnostic equipment, according to Analogic. It will be the 17th Altaris company to design and manufacture medical products regulated by the U.S. Food and Drug Administration (FDA), Analogic said.
The companies expect the deal to be completed in mid-2018, subject to approval by Analogic's stockholders, regulatory approval, and other customary closing conditions.
Copyright © 2018 AuntMinnie.com