St. Jude Medical Inc. (NYSE:STJ) will offer to pay $1.3 billion for AGA Medical Holdings Inc. (NSDQ:AGAM) and its line of heart repair devices.
St. Jude’s $20.80-per-share bid for its Twin Cities peer is a roughly 41 percent premium over AGA Medical’s Oct. 15 closing price of $14.71. Shares were trading at $20.75 in pre-market activity after news of the deal broke.