After some early turbulence, MRI components provider Intermagnetics General of Latham, NY, and patient-monitoring provider Invivo of Orlando, FL, have hammered out an acquisition deal.
The agreement calls for an all-cash transaction, under which Intermagnetics will acquire all of the outstanding shares of Invivo for $22 per share. Intermagnetics had originally offered to buy Invivo at a price of $15 per share in cash and $4 per share of IGC common stock, but Invivo said the proposal did not represent enough of a premium over the price of the company’s stock at the time.
Invivo sells monitoring systems that measure and display vital signs of patients in medical settings, particularly during MRI procedures. Intermagnetics provides superconducting magnets for MRI systems as well as radiofrequency coils for MRI procedures.
Intermagnetics expects to commence a formal tender offer within 10 business days, and expects the acquisition to close by late January, the company said.
By AuntMinnie.com staff writersDecember 18, 2003
Related Reading
Invivo, Intermagnetics talks heat up, November 24, 2003
Invivo rejects Intermagnetics offer, November 4, 2003
Invivo inks deal with Novation, May 15, 2003
Intermagnetics, Philips agreement expanded, May 15, 2003
Intermagnetics Q1 shows uptick, September 19, 2002
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