Wright Medical Shares Surge on Takeover by Stryker
November 04 2019 - 10:17AM
Dow Jones News
By Colin Kellaher
Shares of Wright Medical Group NV (WMGI) surged nearly 30% on
Monday after the medical-devices maker agreed to be acquired by
Stryker Corp. (SYK) for about $4 billion in cash.
Stryker is paying $30.75 a share in cash for Wright, a roughly
40% premium to Friday's closing price of $22.01.
Bloomberg, citing people familiar with the matter, late Friday
reported that Amsterdam-based Wright was working with financial
advisers and exploring a sale.
Wright Medical shares were recently up 29.2%, to $28.45. Shares
of Stryker slipped 3.5%, to $205.26.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 04, 2019 10:02 ET (15:02 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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