Boston Scientific extends $210 million tender offer for EndoChoice

Boston Scientific (NYSE:BSX) said today that it’s extending its $210 million tender offer for EndoChoice (NYSE:GI) and its line of devices for treating gastrointestinal disease.

The $8-per-share tender offer was slated to expire at midnight Nov. 4. Marlborough, Mass.-based Boston Scientific said it’s moving the deadline out to Nov. 21 “to allow additional time for the satisfaction of the conditions of the offer.” Some 66.5% of outstanding EndoChoice shares had been tendered as of yesterday, the company said.

When the tender launched Oct. 7, EndoChoice directors, affiliated funds and other stockholders had already agreed to tender the 24.4% stake they collectively own. Any shares not put up during the tender period will be cancelled and converted into the right to receive the $8 per share, Boston Scientific said at the time.

The deal is slated to close by the end of the year, the companies said when they announced the transaction in September. EndoChoice took itself public in June 2015 with an IPO that brought in some $96 million.

Boston Scientific has said that it expects the deal to be neutral to adjusted earnings per share next year and accretive after that. Alpharetta, Ga.-based EndoChoice put up sales of $75 million during the 12 months ended June 30.

The company said it will announce its strategic plans for EndoChoice’s Fuse full-spectrum endoscope, which features 3 small cameras designed to provide a 330° view; EndoChoice claims that’s nearly double the range of typical colonoscopy devices. Fuse won FDA 510(k) clearance in the U.S. in June 2013. EndoChoice also makes the Fuse gastroscope, which has 2 cameras designed to expand the field of view from 150° with standard gastroscopes to 245°.