Royal Philips to Buy Spectranetics for $2.15 Billion
June 28 2017 - 2:38AM
Dow Jones News
By Razak Musah Baba
Royal Philips NV (PHIA.AE) is buying Spectranetics Corp. (SPNC)
for 1.9 billion euros ($2.15 billion), a deal expected to
accelerate Philips's expansion in image-guided therapy devices.
The Dutch health-technology company said Wednesday that it would
begin a tender offer to acquire all of the issued and outstanding
shares of Spectranetics for $38.50 a share, to be paid in cash upon
completion. The implied enterprise value is EUR1.9 billion,
inclusive of Spectranetics' cash and debt. That is a 27% premium to
Spectranetics's closing price on Tuesday.
The board of directors of Spectranetics has approved the
transaction and recommends the offer to its shareholders. The
transaction is expected to close in the third quarter of 2017
(END) Dow Jones Newswires
June 28, 2017 02:23 ET (06:23 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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