A court in Canada approved the pending, $700 million acquisition of Novadaq Technologies (TSE:NVDQ) by Stryker (NYSE:SYK).
Mississauga, Ontario-based Novadaq, which makes a line of fluorescence imaging technology, said the Ontario Superior Court of Justice issued a final order approving the deal. Canadian and U.S. anti-trust regulators must still grant their approvals before the deal can be consummated, expected during the third quarter, the company said.
Novadaq said it plans to release its second-quarter results tomorrow, but will not hold a call with analysts to talk about it.
Last month proxy advisors Institutional Shareholder Services and Glass, Lewis & Co. backed the $11.75-per-share offer, which had to win over at least 66⅔% of the quorum at a shareholders meeting August 4. A 98.7% majority of shares represented at that meeting voted to approve the deal, which is a 95.8% premium on NVDQ’s June 16 closing price, the day before the deal was announced.
