Kalamazoo, Mich.-based Stryker paid $27.50 per share for each outstanding share of K2M, representing a 27% premium over K2M’s average closing price during the 90 days of trading ended August 29.
With the acquisition, Leesburg, Va.-based K2M will become a wholly owned subsidiary of Stryker, the companies said.
“K2M’s broad product portfolio and robust pipeline complement Stryker’s established leadership in the spine and neurotechnology markets. We believe that our combined businesses will offer innovative solutions for our customers while expanding our global footprint,” Stryker neurotech, instruments and spine group prez Spencer Stiles said in an SEC filing.
The closure comes only a day after the U.S. FTC granted early termination to the Hart-Scott-Rodino Antitrust Improvement Act of 1976 waiting period for the merger, and only two days after K2M won shareholder approval for the merger during a special meeting of stockholders.