Holding and tendering my remaining shares to Getinge. The stock hovering right around the takeout price. IMO still a possible bid from someone else.
Getinge Scoops Up Datascope
Ruthie Ackerman, 09.16.08, 11:10 AM ET
Once Datascope agreed to sell one of its businesses, the offers came flowing in.
On Tuesday the maker of cardiovascular devices agreed to sell itself to medical technology company Getinge for $53 per share, a 7.7% premium to Monday's closing price for Datascope of $49.23. The buyout is expected to close by the end of 2008 if regulators and Datascope shareholders approve.
Datascope investors were pleased, sending its shares up 4.8%, or $2.37, to $51.60, in morning trading.
Getinge said the all-cash offer was valued at $865 million. Getinge’s bid comes after Datascope agreed to sell its patient monitoring business to China’s Mindray Medical International in March. In June it said it would consider its strategic options, including a possible sale, after receiving interest from several buyers.
Lawrence Saper, the chief executive of Datascope and an 18.0% stockholder, has entered into a voting and tender agreement in connection with this transaction, the company said.
“Datascope's businesses meaningfully expand Getinge's cardiovascular business worldwide, reinforcing the company's focus on both cardiac surgery and vascular interventions,” Getinge said in a statement.
Getinge expects the buyout to increase profits starting in 2010.
In August, Datascope announced that it completed the sale of assets of its vascular closure business to St. Jude Medical for $21.0 million in cash at closing, and $3.0 million at the end of an 18-month indemnification period. The company previously announced that it was planning to exit the vascular closure market and phase out its Interventional Products business. In February 2007, Datascope sold its ProGuide chronic dialysis catheter product line to Merit Medical Systems for $3 million plus a royalty on future ProGuide sales.
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