Medtronic Agrees to Acquire China Kanghui for $816 Million
September 27 2012 - 11:52PM
Dow Jones News
By Prudence Ho
HONG KONG--Medical devices maker Medtronic Inc. (MDT) said
Friday it agreed to buy China Kanghui Holdings (KH) for $816
million in cash, in a move to enter China's medical device
market.
Medtronic will pay $30.75 per American Depository Share,
representing a 22.5% premium to Kanghui's Thursday closing price of
$25.11 on the New York Stock Exchange.
"Kanghui represents a significant investment in China,
accelerating Medtronic's overall globalization strategy," Medtronic
Chief Executive Omar Ishrak said in a statement.
The transaction is likely to close in the next few months and is
subject to approval from the shareholders of Kanghui.
Kanghui was founded in 1997 and is headquartered in
Changzhou.
Write to Prudence Ho at prudence.ho@wsj.com
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