Orthopedic device firm Stryker is acquiring all shares of surgical imaging developer Novadaq Technologies for $11.75 per share in cash, a total equity value of approximately $701 million.
The price is approximately 95.8% over the closing price of Novadaq shares. A Canadian court must approve of the plan under the Canada Business Corporations Act, and the deal also requires the approval of at least 66.6% of Novadaq shareholders, a meeting of whom will be held on August 4.
Novadaq's board of directors unanimously approves of the deal.
Before the arrangement closes, it is subject to applicable regulatory approvals, including the Canadian Competition Act and U.S. Hart-Scott-Rodino approvals, as well as the satisfaction of other customary closing conditions.
