Eckert & Ziegler of Berlin has submitted a non-binding proposal to the board of directors of the Buford, Ga.-based Theragenics to acquire, either directly or through IBt Bebig, all the outstanding shares of Theragenics for $2.20 per share, in cash. However, Theragenics has been unwilling to engage in takeover discussions, according to Eckert & Ziegler.
The non-binding offer, made on Feb. 8 and rejected by Theragenics on March 11, and was reiterated in a letter sent on March 17 to Theragenics' board of directors.
The offer represented a total equity value of approximately $74 million and a premium of 38.4 percent more than Theragenics' closing stock price on March 16. The offer also represented a premium of 15.8 percent over the 52-week high trading price of Theragenics stock, according to Eckert & Ziegler.