Laborie Medical set to close $214m Cogentix buy

Laborie Medical Technologies said last week that it closed the tender offer portion of its $214 million acquisition of Cogentix Medical (NSDQ:CGNT).

With about 85% of the urology and gynecology device maker’s shares tendered, that meets the minimum tender requirement, setting the stage for the deal to close today. The $3.85-per-share cash tender pulled in some 51.5 million shares, for about $198.2 million, Laborie said.

The deal represents a 14.2% premium over CGNT stock’s $3.37 closing price March 9.

Formed by the 2015 merger of Vision-Sciences and Uroplasty, Minnetonka, Minn.-based Cogentix makes the Urgent PC neuromodulation device for treating overactive bladder syndrome, the PrsimeSight cystoscopy and EndoSheath devices and Macroplastique, an injectable soft-tissue bulking agent for treating female stress urinary incontinence.

In September 2016 private equity player Audax Parners sold Toronto-based Laborie to Investor AB subsidiary Patricia Industries.

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