The 27¢-per-share price represents a 42% premium over VKNG’s 19¢ closing price August 13, when the $22.5 million deal was announced. The news sent propelled VKNG shares up nearly 39% the next day, to 26.3¢.
Although the tender offer began August 27, as of August 13 about 43% of VKNG shares had already been tendered. The merger is expected to close during the 4th quarter.
ConMed said about 64.4 million shares were tendered as of midnight Sept. 21, according to a press release.
"ConMed has accepted for payment all shares validly tendered and not withdrawn and will promptly pay for such shares," according to the release.
ConMed said it expects to transfer its 2-D surgical video research and marketing team from Santa Barbara, Calif., to Viking’s Westborough, Mass.-based operation.
Viking reported lower 2nd-quarter sales but reduced losses for the 3 months ended June 30. Sales were $2.2 million during the quarter, down 13.6% compared with Q2 2011, but net losses were also down 3.4%, to $890,000.
VKNG shares closed at 26.8¢ yesterday. CNMD shares were up half a percent to $28.52 apiece as of about 10:30 this morning.
SEC halts trading in SurgLine International
The SEC suspended trading in SurgLine International (PINK:SGLN) stock from Sept. 17-Sept. 28, because "it appears that there is a lack of current and accurate information and questions have arisen concerning the adequacy and accuracy of press releases and public filings concerning the company’s operations," according to a press release.
SurgLine said it’s cooperating with the market watchdog "and will be voluntarily producing documents in support of all statements under inquiry, in our public filings, press releases and agreements, if any."
SGLN shares closed Sept. 14 at 0.0003¢.
Cyberonics buys stake in German DBS epilepsy firm
Cyberonics (NSDQ:CYBX) said it put €2 million (about $2.6 million) into Erlangen, Germany-based Cerbomed GmbH, which is developing the Nemos t-VNS non-invasive neurostimulation device for epilepsy. Cyberonics said its investment could eventually reach €5.5 million (~$7.1 million) if Cerbomed meets certain clinical milestones. The deal gives Cyberonics the option to conduct a trial in the U.S. for the purpose of seeking FDA approval.
- Abbott (NYSE:ABT): Jefferies Group increased price target from $75 to $85, maintains "buy" rating.
- Baxter (NYSE:BAX): Deutsche Bank downgrades from "buy" to "hold" rating, sets $63 price target.
- C.R. Bard (NYSE:BCR): Barclays Capital upgrades from "underweight" to "overweight" rating, raises price target from $101 to $117.
- Hologic (NSDQ:HOLX): Jeffries maintains “buy” rating; Canaccord Genuity lifts price target from $23 to $27, sets “buy” rating.
- Medtronic (NYSE:MDT): Mizuho reissues “neutral” rating, $41 price target.
- Smith & Nephew (FTSE:SN, NYSE:SNN): Brean Murray initiates coverage with “hold” rating.
- Teleflex (NYSE:TFX): Barclays Capital initiates coverage at "equal weight" rating, $76 price target.