Invivo declines Intermagnetics offer of $19 per share

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Intermagnetics General Corp. on Monday offered Invivo Corp. $19 per share to sell the company. So far, Invivo has said "Thanks, but no thanks."

 Intermagnetics' Nov. 3 proposal to pay Invivo shareholders $15 per share in cash and $4 per share in Intermagnetics common stock is 20 percent more than Invivo's 50-day moving average and 14 percent greater than its closing price on Monday. The total value of the offer is approximately $140 million.

 Invivo designs, manufactures and markets patient monitoring systems that measure and display vital signs of patients. The company's specialized patient monitoring equipment can be used in the very high magnetic field environment within MRI radiology suites to track and report patient vital signs during MRI procedures.

 Intermagnetics CEO Glenn H. Epstein has proposed a meeting between the companies, but Invivo has - in the words of Intermagnetics - "repeatedly failed to respond meaningfully to our overtures."

 Epstein added that the MRI technology company "had no alternative but to make our proposal public."