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Calls $26.9 million offer 'inadequate'
August 19, 2008
By: Michael Barbella
Medical device maker Endocare Inc. is rejecting a buyout bid from urology product maker HealthTronics Inc. because the $26.9 million offer is inadequate. Endocare said its board unanimously rejected the all-cash bid, worth $2.28 per share. Austin, TX-based HealthTronics offered a 20% premium to Endo’s most recent closing price in an attempt to widen its product range.
Endocare said its board unanimously rejected the all-cash bid, worth $2.28 per share. Austin, TX-based HealthTronics offered a 20% premium to Endo’s most recent closing price in an attempt to widen its product range.
Calls seeking comment from HealthTronics were not immediately returned.
SOURCE: Associated Press
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