Masimo (Nasdaq:MASI) announced today that its shareholders voted in favor of the proposed acquisition of the company by Danaher (NYSE:DHR).
In February, Danaher and Masimo announced an agreement that would see the former acquire the health monitoring technology company for $180 per share, amounting to approximately $9.9 billion.
Washington, D.C.–based Danaher operates across life sciences spaces, with a range of businesses spanning laboratory equipment, diagnostics, biotechnology and more. Its acquisition of Irvine, California-based Masimo would add significant digital health and patient monitoring capabilities to Danaher’s portfolio. Its technologies include pulse oximeters and healthcare monitoring systems, like the wearable W1 smartwatch.
Masimo said shareholders approved a proposal to adopt the merger during a May 1 virtual meeting. Under the terms, at the effective time of the merger, each share of common stock issued and outstanding immediately prior to the effective time of the merger will be canceled and automatically converted into the right to receive $180 in cash, without interest.
The merger remains subject to customary closing conditions, including regulatory approvals and clearances. Masimo expects it to close this calendar year.
“We thank our shareholders for their strong support of this important milestone for Masimo,” said Katie Szyman, CEO of Masimo. The Merger delivers compelling value and positions Masimo for continued global growth as an independent operating company within Danaher’s Diagnostics segment. We look forward to completing this process and, together with Danaher, continuing our mission of developing innovative technologies that empower clinicians to transform patient care.”
