Theragenics Corp. (NYSE:TGX) won’t go for a bargain price, company officials said last week.
The Buford, Ga.-based medical device company rebuffed the $74 million, or $2.20 per share, acquisition offer by Germany-based Eckert & Ziegler Strahlen- und Medizintechnik AG (DE:EUZ) through its Belgian subsidiary, IBt Bebig (BR:IBTH) in an attempt to break into the U.S. brachytherapy market. Theragenics makes both internal radiotherapy prostate cancer treatments and surgical products. Its brachytherapy products include the palladium-103 TheraSeed and the iodine-125 I-Seed devices.
"After careful and thorough evaluation, and with the assistance of our financial and legal advisors, our board unanimously determined that the proposal grossly undervalues our business and prospects, and therefore is inadequate and not in the best interests of Theragenics and its stockholders," Theragenics CEO Christine Jacobs said in prepared remarks.
EUZ’s offer represents a premium of more than 38 percent over Theragenics’ March 16 closing price of $1.59, the day before the news of the proposed takeover surfaced, and a nearly 16 percent premium over the its 52-week high, the company said.
"We continue to believe that our all cash offer of $2.20 per share is a highly welcome and fair exit for shareholders of Theragenics. We are disappointed that the Theragenics Board of Directors has thus far refused to engage in a discussion of acceptable terms. However we remain committed to the transaction and are prepared to consider all alternatives to successfully complete this transaction." CEO Andreas Eckert said in prepared remarks.
The company’s stock price, which had an average closing price of $1.68 in the 30-day period before the aquisition attempt was made public, has hovered around $2.00 since the news broke.
Here’s a roundup of companies announcing mergers, acquisitions and divestitures.
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FlexFix LLC completed the acquisition of certain intellectual property assets from Novalign Orthopaedic Inc. FlexFix is an early stage medical device company focused on commercializing its implantable “flexible-to-rigid” technologies in the orthopedic and spine markets. The acquired assets include numerous U.S. and international patent filings that will broaden the company’s IP portfolio.
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Read more - Medisafe 1 Technologies receives unsolicited takeover at 33 cents per share
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Read more - BD closes Accuri buyout
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Read more - Aerocrine picks up FENO assets from FILT and enters into R&D collaboration
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Read more - Runfold Medical completes £2.5m private placement and Zimed Ltd. buyout
Runfold Medical raised £2.5 million through a private placement arranged by Nash Fitzwilliams Ltd., a specialist corporate finance firm based in London which has supported the company since completing the MBO in 2006. As part of this placement, the company has acquired Zimed Ltd. and will take over the development, production and marketing/sales of the AD Syringe Driver, a drug infusion pump used for delivering intravenous drugs both in the hospital and in the ambulatory market.
Read more - Endologix finalizes Nellix purchase price
Endologix, Inc. (NSDQ:ELGX), upon finalization of the purchase price allocation related to its Dec. 2010 acquisition of Nellix Inc., the company revised the amount of the purchase price allocated to in-process research and development (IPR&D) to $40.1 million and goodwill to $22.4 million. Accordingly, the company revised the associated deferred tax liability and the corresponding change in valuation allowance effect. This resulted in an income tax benefit of $15.1 million compared to $11.3 million previously reported.
Read more - DJO Global to acquire therapeutic footwear co.
DJO Global Inc. announced that one of its indirect subsidiaries has signed a definitive agreement to purchase Rikco International, LLC, D/B/A Dr. Comfort, for approximately $254.6 million in cash. The transaction is expected to close within 30 – 45 days, subject to customary governmental approvals and closing conditions.
Read more - Utah Medical Products picks up Femcare Group Ltd.
Utah Medical Products Inc. (NSDQ:UTMD) purchased all of the common shares of Femcare Holdings Limited of the United Kingdom, including its trading subsidiaries, Femcare-Nikomed Ltd. of Southampton, England and Femcare Australia. Femcare is best known for its leading global brand the Filshie Clip System – a female surgical contraception device (tubal ligation) which is placed on the fallopian tubes.
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