Analogic (NSDQ:ALOG) said today it passed the first hurdle in its proposed $1 billion go-private sale to Altaris Capital Partners, announcing that it received notice from the US FTC that it was granted early termination of the waiting period under Hart-Scott-Rodino Antitrust Improvements act of 1976.
The grant was one step of many the companies will have to pass to win approval for the proposed $84 per share acquisition, which Analogic said it is hopeful will close in mid-2018.
Peabody, Mass.-based Analogic said that it still has to gain approval from its shareholders for the sale, which the company’s board of directors has unanimously recommended its shareholders vote in favor of, according to a press release.
The sale, initially announced earlier this month, follows an internal review Analogic announced last June in which the company sought to explore “strategic alternatives”, which ended with the company contacting approximately 75 potential financial and strategic buyers, domestically and internationally.
Analogic said it explored a number of other options, including a sale of the entire company and separation of its three business units, as well as continued operation on a stand-alone basis.
Analogic said that the deal represents a 25% premium over its closing share price of $67.45 as reported on June 7, 2017. The company’s shares are trading at $83.11 as of 9:35 a.m. EDT, down 13.5% so far today.