Royal Philips NV (PHIA.AE) is buying Spectranetics Corp. (SPNC) for 1.9 billion euros ($2.15 billion), a deal expected to accelerate Philips's expansion in image-guided therapy devices.
The Dutch health-technology company said Wednesday that it would begin a tender offer to acquire all of the issued and outstanding shares of Spectranetics for $38.50 a share, to be paid in cash upon completion. The implied enterprise value is EUR1.9 billion, inclusive of Spectranetics' cash and debt. That is a 27% premium to Spectranetics's closing price on Tuesday.
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The board of directors of Spectranetics has approved the transaction and recommends the offer to its shareholders. The transaction is expected to close in the third quarter of 2017
(END) Dow Jones Newswires
June 28, 2017 02:23 ET (06:23 GMT)