Shares of Heartware International Inc. were indicated sharply higher in premarket trade Monday, after the developer of miniaturized circulatory support technologies agreed to be acquired by Medtronic PLC in a deal valued at $1.1 billion. As part of the agreement, Medtronic will pay $58 for each Heartware share outstanding, which represents a 93% premium to Friday's closing price of $29.98. The deal is expected to close during Medtronic's fiscal second quarter ending Oct. 28, 2016. Medtronic said it doesn't expect to adjust its fiscal 2017 revenue or earnings-per-share outlooks, but the deal gives the company "increased confidence" in its ability to achieve its revenue growth outlook. Heartware's stock traded up 67% in light premarket volume, while Medtronic's stock was still inactive. Year to date through Friday, Heartware's stock has tumbled 41%, Medtronic shares have gained 8.2% and the S&P 500 has slipped 0.3%.
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