E-Z-EM of Lake Success, NY, has signed an agreement to be acquired by Bracco Diagnostics, the Princeton, NJ-based subsidiary of contrast developer Bracco Imaging of Milan, Italy.
Under the proposal, Bracco would acquire all of E-Z-EM's outstanding shares for $21 per share in cash, making the transaction worth an estimated $241 million.
Bracco also has entered into a voting agreement with certain stockholders of E-Z-EM, who represent approximately 34% of E-Z-EM’s outstanding shares. Those shareholders already have agreed to vote in favor of the acquisition.
The independent members of E-Z-EM's board of directors also have unanimously approved the agreement and have recommend approval by shareholders.
Completion of the transaction remains contingent upon closing conditions, including the approval of a majority of E-Z-EM's shareholders and regulatory clearance. The companies anticipate completing the acquisition in early 2008.
By AuntMinnie.com staff writers
October 30, 2007
Related Reading
Road to RSNA, E-Z-EM, October 29, 2007
Road to RSNA, E-Z-EM, October 22, 2007
E-Z-EM sales dip in Q1, October 11, 2007
Bracco inks deal with HealthTrust, October 8, 2007
Bracco, ImaRx sign licensing pact, July 4, 2007
Copyright © 2007 AuntMinnie.com
