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Orthofix Medical (NASDAQ:OFIX) rose 7.3% after disclosing it obtained an unsolicited takeover curiosity from two non-public fairness corporations for $23/share in money.
Orthofix (OFIX) mentioned it obtained a non-binding indication of curiosity from two unidentified non-public fairness sponsors, in line with an 8-Okay submitting on Wednesday. The provide is topic to due diligence, arranging of debt financing and the completion of unspecified regulatory approvals.
The provide comes after Orthofix (OFIX) in October agreed to merge with SeaSpine (NASDAQ:SPNE). Underneath the settlement Orthofix shareholders will personal ~56.5% of the mixed firm, and SeaSpine shareholders will personal the remaining ~43.5%.
Orthofix (OFIX) mentioned within the submitting on Wednesday that after reviewing the unsolicited provide its board board unanimously decided that the SeaSpine merger transaction continues to be in the very best pursuits of Orthofix and its holders.
“The Orthofix board additional unanimously decided that it’s unable to conclude that the indication of curiosity within reason more likely to result in a superior proposal below the phrases of Orthofix’s merger settlement with SeaSpine,” Orthofix mentioned within the submitting.
The $23/share provide represents a 28% premium to Orthofix’s (OFIX) closing worth on Wednesday and a 25% premium to the day earlier than OFIX introduced its take care of SeaSpine on Oct. 11. Orthofix’s shares plunged 19% on the day it disclosed its transaction with SeaSpine. SeaSpine fell 1.5% in after hours buying and selling on Wednesday.
A particular assembly of Orthofix (OFIX) has been scheduled for Jan. 4 to vote on a proposal to approve the issuance of Orthofix frequent inventory within the proposed SeaSpine (SPNE) deal.
Orthofix (OFIX) and SeaSpine (SPNE) introduced earlier this month that John Bostjancic will function CFO for the brand new mixed firm.
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