By Lisa Kerner
Charlotte, N.C., April 30 - Greatbatch Ltd. entered into a definitive merger agreement to acquire Enpath Medical Corp. for $14.38 per share in a transaction valued at $102 million, including debt.
A tender offer for the shares will begin no later than May 8, a company news release stated.
A termination fee of $3 million is included in the agreement, according to an 8-K filing with the Securities and Exchange Commission.
Greatbatch will fund the transaction, expected to close in June, with available cash. Both companies' boards of directors have unanimously approved the deal.
"Our strategies for product innovation and growth are nicely aligned and together we believe we can accelerate the delivery of new product offerings to our customers," Enpath president and chief executive officer John C. Hertig said in the release.
"Greatbatch's financial strength provides incremental funding for our product development pipeline initiatives."
Banc of America Securities LLC is acting as financial adviser to Greatbatch, and Hodgson Russ LLP is legal counsel.
Greene Holcomb & Fisher LLC is acting as financial adviser to Enpath, and Lindquist & Vennum PLLP is legal counsel to Enpath.
Enpath is a Minneapolis medical products company specializing in products for the cardiac rhythm management neuromodulation and interventional radiology markets.
Greatbatch, based in Clarence, N.Y., develops and manufactures critical components used in implantable medical devices and other applications.
| Acquirer: | Greatbatch Ltd.
|
| Target: | Enpath Medical Corp.
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| Transaction total: | $102 million
|
| Price per share: | $14.38
|
| Termination fee: | $3 million
|
| Announcement date: | April 30
|
| Expected closing: | June 2007
|
| Stock price for target: | Nasdaq: NPTH; $11.13 on April 27
|
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