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.
