TPG Capital affiliate IVD Holdings Inc. entered into a definitive agreement to acquire all outstanding shares of Immucor Inc.’s (NSDQ:BLUD) common stock in a deal that’s valued at $1.97 billion.
Immucor shareholders will get $27.00 in cash for each share of stock, about 30 percent higher than the stock’s trading price prior to the announcement.
Immucor stock promptly jumped more than 30 percent to $27 per share when the information was released today, inching closer to the stock’s 52-week high of $27.18.
Norcross, Ga.-based Immucor manufactures and sells systems for detection and identification of blood properties prior to transfusion.
Under the terms of the agreement IVD Holdings must commence its offer prior to July 15, 2011, according to the SEC filing.
Immucor brought in $329 million in revenue in the year ended May 2010, and is expected to generate $330 million this year, Bloomberg reported.
Three law groups have begun investigations into whether the proposed acquisition represents a breach in fiduciary duty to Immucor’s shareholders, according to Reuters.
The transaction, which was unanimously approved by the Immucor board of directors, should close in the second half of this year.