Boston Scientific launches tender offer for EndoChoice

Boston Scientific (NYSE:BSX) said today that it launched the tender offer for its pending,$210 million  acquisition of EndoChoice (NYSE:GI) and its line of devices for treating gastrointestinal disease.

The $8-per-share tender offer is slated to expire at midnight Nov. 4, Marlborough, Mass.-based Boston Scientific said. EndoChoice directors, affiliated funds and other stockholders have already agreed to tender the 24.4% stake they collectively own, the company said. Any shares not put up during the tender period will be cancelled and converted into the right to receive the $8 per share, Boston Scientific said.

The deal is slated to close by the end of the year, the companies said when they announced the transaction last month. EndoChoice took itself public in June 2015 with an IPO that brought in some $96 million.

Boston Scientific said at the time that it expects the deal to be neutral to adjusted earnings per share next year and accretive after that. Alpharetta, Ga.-based EndoChoice put up sales of $75 million during the 12 months ended June 30.

Marlborough, Mass.-based Boston said it will announce its strategic plans for EndoChoice’s Fuse full-spectrum endoscope, which features 3 small cameras designed to provide a 330° view; EndoChoice claims that’s nearly double the range of typical colonoscopy devices. Fuse won FDA 510(k) clearance in the U.S. in June 2013. EndoChoice also makes the Fuse gastroscope, which has 2 cameras designed to expand the field of view from 150° with standard gastroscopes to 245°.

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