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Home » Toshiba Medical completes tender offer for Vital Images

Toshiba Medical completes tender offer for Vital Images

June 16, 2011 By MassDevice staff

Toshiba
Vital Images

Toshiba Medical Systems Corp. successfully completed its tender offer for the $273 million acquisition of Vital Images Inc. (NSDQ:VTAL).

At the end of the second offering period 12,253,984 shares were validly tendered, representing about 86.7 percent of Vital Image’s outstanding stock on a non-fully diluted basis and about 76.8 percent of the stock on a fully diluted basis.

Toshiba also exercised its right under the merger agreement to purchase directly from Vital Images, such that Toshiba owns just over 90% of outstanding shares on a fully diluted basis.

Toshiba’s subsidiary Magenta Corporation will merge into Vital Images, according to the release.

Toshiba paid $18.75 per share in cash for the shares, a 39 percent premium over the volume-weighted average for Vital’s share price from the 30 days prior to the deal.

The companies entered into a definitive agreement for the acquisition early in May, and the initial offering period expired last week.

Filed Under: Business/Financial News, Mergers & Acquisitions, News Well Tagged With: Toshiba, Vital Images Inc.

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