Medical device maker ConvaTec nabbed up Boston Medical Device, increasing its foothold in emerging markets in Latin America.
Skillman, N.J.-based ConvaTec didn’t disclose the terms of the acquisition, the announcement follows rumors that it had propositioned Kinetic Concepts Inc. (NYSE:KCI) late last month, wooing it away from a $6.3 billion offer.
Boston Medical Device is a distribution company offering specialized medical devices throughout Latin America, according to a press release.
"Emerging markets, particularly Latin America, are an increasingly important growth component for ConvaTec," president Nino Pionati, said in prepared remarks. "Today’s announcement is a reflection of that strategic priority as well as recognition of the market leadership that BMD has achieved and maintained in this region over the years."
ConvaTec was not available for comment on the latest acquisition or the bid for KCI, but "people familiar with the matter" reportedly aren’t confident that KCI will spurn its existing offer in favor of ConvaTec.
Here’s a roundup of companies announcing mergers, acquisitions and divestitures.
Alere Inc. (NYSE:ALR) isn’t ready to give up on its unsolicited and tersely rejected $369 million offer for Scottish competitor Axis-Shield. Axis-Shield’s stock jumped as much as 50 percent on news of the rejection in July. New data reveals that Alere is steadily increasing its foothold as an Axis-Shield investor, now owning just over 10 percent of through acquisitions of common stock.
Waltham, Mass.-based Alere’s officials said today that the company also extended its non-binding proposal to acquire all issued and to be issued shares of Axis-Shied, which makes in vitro and point-of-care diagnostics for cardiovascular, autoimmune and infectious diseases.
"Alere is keen to work towards a recommended takeover offer for Axis-Shield and would welcome the opportunity to discuss a possible transaction with Axis-Shield in a constructive manner," the Alere officials said in July. "Alere is therefore announcing its proposal as a means to facilitate discussions with Axis-Shield and its shareholders. Alere believes the proposal, which would be an all-cash offer, represents a compelling value proposition for Axis-Shield shareholders, offering a high degree of certainty and a substantial premium to the current market price."
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