Asahi Kasei closes $2.3B tender for Zoll Medical

Zoll Medical logo

Chelmsford, Mass.-based resuscitation device maker Zoll Medical (NSDQ:ZOLL) sealed the deal with Japan’s Asahi Kasei Corp. (TYO:3407) over the weekend.

Asahi, through a U.S. subsidiary, paid $93 apiece for about 21 million outstanding shares of ZOLL common stock, a price tag of about $1.95 billion so far for 94% of the company’s outstanding stock.

The per share offer was a 29.6% premium on the stock’s 30-day volume-weighted average at the time the merger was announced last month, when shares were trading around $73-$75 on Wall Street.

News of the tender offer sent ZOLL soaring 23.5% to $92.74 in morning trading on Monday, March 12.

"We believe that Asahi Kasei will provide the right kind of support to help launch Zoll’s next phase of growth, and we are excited to be working together with Asahi Kasei," Zoll CEO Richard Packer said at the time. "We expect all parts of Zoll to continue to thrive as part of Asahi Kasei."

ZOLL shares were up to $92.96 as of market open today. The company will be delisted from the Nasdaq stock exchange once the merger closes, if not sooner, according to regulatory filings.

As previously announced, Asahi today opened a subsequent offering period of 3 days for all remaining ZOLL common stock at the same $93 price, according to a press release.

Zoll and Asahi have history prior to the acquisition. Since July 2011 Asahi has had the exclusive right to distribute Zoll’s AED Plus automated external defibrillator in Japan.

Following the completion of the merger, Zoll will become a wholly owned subsidiary within the Asahi Kasei Group, led by current Zoll management and with all current business units and operations remaining intact, according to an SEC filing.

Asahi will further invest in Zoll’s resuscitation technologies as part of its "Health Care for Tomorrow" initiative, according to a press release.

Asahi is a diversified chemical manufacturer with businesses in health care, chemical and fibers, electronics, and homes and construction materials. Within health care, the company has units in pharmaceuticals, medical devices, and bioprocess products, according to the release. The deal is expected to close during the 2nd quarter.

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