Georgia-based medical device maker Theragenics said in regulatory filings this month that private equity investment firm Juniper may enjoy exclusivity in negotiations until 5 p.m. EST on June 18, 2013, extending the prior June 11 time-frame.
The exclusivity period will expire this week unless Juniper provides "drafts of equity and debt financing commitments in an amount sufficient to fund the proposed transaction," in which case the deal automatically extends to June 25, 2013, according to a Theragenics statement.
It doesn’t appear that Juniper’s going to waffle on its proposal, which offers Theragenics $2.25-$2.30 per share in cash for all of the company’s outstanding stock. Juniper has "expressly reaffirmed" it’s offer, Theragenics assured, adding that the device maker will have the usual "go shop" period following the formal offer in which to solicit bids from other prospective buyers.
Juniper’s offer has already increased from the original proposal, which bid $2.05-$2.10 per share for Theragenics.
At $2.30 per share, which works out to a deal worth about $71.4 million, the buyout would represent a 54.4% premium over TGX’s $1.49 closing price May 10, when news of the offer was made public.
TGX shares hit a near year-long Wall Street high on May 13, 2013, when they peaked at $2.15 during the day before closing at $2.03.