British regulators have approved Boston Scientific’s (NYSE:BSX) $4 billion bid to buy BTG (LN:BTG), the companies announced today in regulatory filings. The deal, approved by the U.S. Federal Trade Commission on August 7, will close on Monday.
The High Court of Justice in England and Wales agreed to the takeover following a hearing today. Boston Scientific subsidiary Bravo Bidco Ltd. is the technical buyer. BTG shares will be canceled on Tuesday.
Other antitrust authorities, such as the Federal Competition Authority of Austria and the National Authority for Markets and Competition in Spain, had previously cleared the takeover, and BTG shareholders approved the purchase in March.
The £8.40-per-share offer, worth about $4.24 billion (£3.3 billion), is a 36.6% premium over BTG’s closing price the day before the Nov. 20 announcement and a 51.0% premium over the stock’s 90-day volume-weighted average price.
BTG’s largest division makes devices for oncology and vascular conditions; the company also makes overdose and antivenin drugs for snakebite.
BSX shares were up 53¢ or 1.35% to $41.96 apiece in mid-afternoon trading. Shares in BTG were flat at 839.50p or $10.15 each on Thursday in London.