The parent company of Philips Healthcare of Andover, MA, has signed a $5.1 billion deal to acquire Respironics, a Murrysville, PA developer of therapies for obstructive sleep apnea.
Philips said on December 21 that it was starting a tender offer to buy all Respironics shares at a price of $66 each, representing a 31% premium over the stock's average closing price over the previous 30 days. The board of Respironics has approved the transaction and recommends shareholders tender their shares to the offer.
Respironics would become the headquarters for the Philips Home Healthcare Solutions group within Philips Healthcare. Respironics' senior executives are expected to remain with the organization and manage the business for Philips.
The offer, expected to begin on January 8, is subject to customary conditions. The transaction could close as soon as the first quarter of 2008.
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