Stryker (NYSE:SYK) said late last Friday it closed its previously announced $700 million acquisition of fluorescence imaging technology developer Novadaq Technologies (TSE:NVDQ).
The $11.75-per-share offer for Mississauga, Ontario-based Novadaq was a 95.8% premium on its $6 closing price on June 16, providing a company valuation of roughly $701 million. The deal included some $47 million in net cash, the companies said.
The Kalamazoo, Mich.-based company said that the transaction is expected to be dilutive to its 2017 adjusted net earnings per diluted share by 3¢-5¢, which it originally indicated in June, according to a press release.
Canadian courts approved the sale to Stryker in early August, a month after proxy advisors Institutional Shareholder Services and Glass, Lewis & Co. backed the deal, which had to win over at least 66⅔% of the quorum at a shareholders meeting August 4. A 98.7% majority of shares represented at that meeting voted to approve the deal, which is a 95.8% premium on NVDQ’s June 16 closing price, the day before the deal was announced.
The post Stryker closes $700m Novadaq buy appeared first on MassDevice.
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