C.R. Bard (NYSE:BCR) has until the end of the week to consummate its $15 million deal for Spire Corp.’s (NSDQ:SPIR) hemodialysis catheter business — unless the companies decide to postpone the buyout for the fourth time.
In September, Spire agreed to sell the seven-year-old operation to the Salt Lake City-based device maker’s Bard Access Systems division, so it could focus on its core solar energy business. But according to a regulatory filing, just ahead of the original Sept. 30 deadline the companies agreed to extend the closing date to Oct. 31. A day before that deadline fell, they extended it again, to Nov. 30, and on that day pushed it back yet again, this time to Dec. 11.
Under the terms of the deal, Spire‘s exit from the medical device industry would earn it $14.9 million in cash and see another $100,000 go to a pair of employees as compensation for non-compete contracts. At the time the deal was announced, Spire chairman and CEO Roger Little said it would allow his firm to focus on its core solar energy business, where it sees significant opportunity in coming years as the gap widens between solar energy demand and supply.