Syneron (NSDQ:ELOS) said today that the 37-day “go-shop” period for its $397 million acquisition by private equity firm Apax Partners has ended without another rival emerging.
Syneron said that during the “go-shop” period, it solicited 59 potential buyers, with 2 potential bidders negotiating and entering into a confidentiality agreement with Syneron. However, the company said it did not receive any acquisition proposals.
“Syneron Candela did not receive any alternative acquisition proposals during the “go-shop” period, including from the two parties who entered into confidentiality agreements and subsequently confirmed they were not interested in pursuing an acquisition of Syneron Candela,” the company wrote in an SEC filing.
The company said it is hopeful that the acquisition will be completed during the 3rd quarter of 2017, subject to Syneron Candela shareholder approval and customary closing conditions.
Last month, Syneron said it inked a deal to be acquired by Apax Partners for approximately $397 million.
Through the deal, Apax Partners will pay $11 per share for all outstanding shares of Israeli aesthetic device developer Syneron. Syneron, and its Candela brand, produce aesthetic medical equipment including body contouring, hair removal and wrinkle reduction devices.
The deal was originally reported in February, with Apax reportedly looking to pick up Syneron and its aesthetic devices for between $350 million and $400 million.
