Stryker Corp. To Acquire Novadaq Technologies For $701 Million

Medical technologies firm Stryker Corp. has agreed to acquire Novadaq Technologies for about $701 million, Novadaq announced on Monday. Novadaq is a medical imaging solutions company. The deal is for all of the issued and outstanding shares of Novadaq, priced at $11.75, about 95.8% over the Friday closing price. The deal is pending approval of a number of groups, including Novadaq shareholders, who will have a special meeting on or about Aug. 4, 2017. Novadaq shares are halted in Monday premarket trading until 8:30 am. The company's stock is down more than 36% for the past year while the S&P 500 index is up 17.5% for the period.