Irish catheter manufacturer ClearStream Technologies has confirmed that it has agreed to be bought by New Jersey-based CR Bard for about 43.8 million pounds ($68.5 million) in cash.
The company, which manufactures angioplasty catheters and vascular stents, said the offer had been pitched at 85 pence a share, at a premium of 84 percent to the stock’s Monday close.
ClearStream, which has been advised by finnCap, considers the terms of the offer fair and reasonable.
Bard, which manufacturers vascular, urology, oncology and surgical specialty products, has made the offer through Bard Bidco, its Irish unit.
“The acquisition of ClearStream represents a compelling strategic opportunity for Bard, enabling us to strengthen our leadership in vascular medical devices,” Bard Chairman and Chief Executive Timothy Ring said in a statement.
ClearStream’s products are used by cardiologists, radiologists, and vascular surgeons in angioplasty and peripheral vascular procedures.
The company’s shares, which have gained more than half since the beginning of the year, were trading up 71 percent at 79.5 pence at 0700 GMT on Tuesday on the London Stock Exchange. ($1 = 0.639 British Pounds)
Source; Reuters, Massdevice