Bracco to acquire E-Z-EM
Bracco Diagnostics of Princeton, N.J., the U.S. branch of Bracco Imaging and part of the Bracco Group, has entered a merger agreement with E-Z-EM of Lake Success, N.Y.
Under the terms of the agreement, Bracco will acquire all of the outstanding shares of E-Z-EM for $21 per share in cash. The offer price represents an approximate 32 percent premium over the 10-day average closing price per share for E-Z-EM as of Oct. 29, the last trading day prior to announcement of the transaction.
The total transaction is valued at approximately $241 million for 100 percent of the capital stock. As of Sept. 1, E-Z-EM had no debt outstanding and $44 million in cash, cash equivalents and marketable securities.
Concurrent with the transaction, Bracco entered a voting agreement with certain stockholders of E-Z-EM, representing approximately 34 percent of E-Z-EM's outstanding shares, pursuant to which the stockholders have agreed to vote their shares in favor of the merger.
E-Z-EM said the independent members of its board of directors have unanimously approved the merger agreement and recommend adoption by its shareholders.
Under the terms of the agreement, Bracco will acquire all of the outstanding shares of E-Z-EM for $21 per share in cash. The offer price represents an approximate 32 percent premium over the 10-day average closing price per share for E-Z-EM as of Oct. 29, the last trading day prior to announcement of the transaction.
The total transaction is valued at approximately $241 million for 100 percent of the capital stock. As of Sept. 1, E-Z-EM had no debt outstanding and $44 million in cash, cash equivalents and marketable securities.
Concurrent with the transaction, Bracco entered a voting agreement with certain stockholders of E-Z-EM, representing approximately 34 percent of E-Z-EM's outstanding shares, pursuant to which the stockholders have agreed to vote their shares in favor of the merger.
E-Z-EM said the independent members of its board of directors have unanimously approved the merger agreement and recommend adoption by its shareholders.