Laborie Medical Technologies said today that it closed the $214 million acquisition of Cogentix Medical (NSDQ:CGNT).
With about 85% of the urology and gynecology device maker’s shares tendered over the weekend, meeting the minimum tender requirement, the stage was set for the deal to close today. The $3.85-per-share cash tender pulled in some 51.5 million shares, for about $198.2 million, Laborie said April 21.
The deal represents a 14.2% premium over CGNT stock’s $3.37 closing price March 9, the last business day before the deal was announced.
“Our combined, complementary product portfolio provides our customers, and their patients, with access to comprehensive urology solutions from diagnosis through treatment, particularly in the areas of OAB (overactive bladder) and SUI (stress urinary incontinence),” CEO Michael Frazzette said in prepared remarks. “We are excited to welcome Cogentix’s employees to Laborie and look forward to their contributions and growth of our combined business.”
Formed by the 2015 merger of Vision-Sciences and Uroplasty, Minnetonka, Minn.-based Cogentix makes the Urgent PC neuromodulation device for treating overactive bladder syndrome, the PrsimeSight cystoscopy and EndoSheath devices and Macroplastique, an injectable soft-tissue bulking agent for treating female stress urinary incontinence.
In September 2016 private equity player Audax Parners sold Toronto-based Laborie to Investor AB subsidiary Patricia Industries.
Earlier this month Cogentix shareholders filed a putative class action lawsuit seeking to block the merger, alleging that the company and its management ignored a better offer of $4.05 per share and engaged in unfair protective provisions. That case is still pending in the Delaware Chancery Court, according to court documents.
