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Natus Medical to acquire Bio-logic Systems
By Jennifer Chiou
New York, Oct. 17 - Natus Medical Inc. announced it will acquire Bio-logic Systems Corp. in a cash merger for about $66 million.
Under the agreement, Natus will acquire all Bio-logic shares at $8.77 apiece.
In addition, each share subject to a Bio-logic stock option will convert into an amount equal to the excess of $8.77 over the exercise price of the option.
Both companies' boards have approved the agreement.
Bio-logic stockholders must approve the merger and its board has agreed to vote about 16% of its shares in favor of the merger.
The acquisition is expected to occur in January.
"This acquisition will further strengthen our position as a market leader in the development of products for the detection, treatment, monitoring and tracking of common disorders in newborns and children," Natus president and chief executive officer Jim Hawkins said in a news release.
"We will be supplementing our hearing business with the addition of Bio-logic's leading diagnostic hearing products and expanding our presence in the Audiology market through their established distribution channels, both in the U.S. and internationally."
Natus said it will partially finance the purchase with cash, including $7,128,000 it will receive from the D3 Family Funds through a private placement of 600,000 shares. The company also secured a loan commitment from Wells Fargo Bank NA for a $10 million in a senior secured credit facility.
Natus, a developer and marketer of products for the detection, treatment and tracking of common disorders in newborns and children, has headquarters in San Carlos, Calif.
Mundelein, Ill.-based Bio-logic develops and markets computer-based electro diagnostic systems and disposable supplies.
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