SULZER MEDICA ENTERING SPINAL SURGERY MARKET VIA SPINE-TECH ACQUISITION; $595 MIL. CASH TENDER OFFER IS ROUGHLY TEN TIMES BAK DEVELOPER's ANNUAL SALES VOLUME
This article was originally published in The Gray Sheet
Executive Summary
Sulzer Medica is paying a substantial premium to enter a high-growth segment of the orthopedics product market -- spinal surgery -- with the $595 mil. acquisition of Spine-Tech. The $52 per share tender offer, announced Dec. 16 and approved by the boards of both companies, represents a 14.3% premium to Spine-Tech's Dec. 15 closing price of 45-1/2.