Shareholders of the healthcare device maker are being offered $33.5 per share in cash; the deal has been unanimously approved by the company’s board, which has recommended shareholders vote in favour of the merger agreement with ArchiMed
Natus Medical, a US-based provider of hardware, software and algorithms, and consumables to the medical device industry, has agreed to be acquired by an affiliate of investment firm ArchiMed for a sum of around $1.2bn.
As per the terms of the deal, shareholders of the publicly-listed Natus Medical will be paid $33.5 per share in cash. Following the closing of the deal, the company will no longer be listed on Nasdaq and will become privately held.
Natus Medical chairman Joshua Levine said: “The sale of Natus to ArchiMed will provide our shareholders with immediate and substantial cash value, as well as a compelling premium, and the Board has unanimously agreed that this transaction is in the best interests of our shareholders.”
The company’s solutions help in screening, diagnosing, and treating disorders that affect the neural pathways, brain, and eight sensory nervous systems.
Its products are said to provide stimulus, acquire and track physiological signals, and capture the response of the body to help clinicians in enhancing patient outcomes and quality of life.
Natus Medical president and CEO Thomas Sullivan said: “Our nearly 1,400 Natus Teammates remain committed to advance the standard of care and improve outcomes and quality of life for patients affected by disorders of the brain, neural pathways, and eight sensory nervous systems.
“ArchiMed’s mix of operational, medical, scientific and financial expertise will help us continue our mission to serve our customers while delivering immediate value to shareholders.”
The company’s revenue for Q1 2022 was $119.8m.
Its board has unanimously approved the merger agreement with ArchiMed and has recommended shareholders vote in favour of it.
The deal, which is subject to Natus Medical’s shareholders’ approval, regulatory approvals, and other conditions, is anticipated to close in Q3 2022.
As per the terms of the merger agreement, the company could solicit proposals from third parties up to 17 May 2022, which could be extended to 22 May 2022 for certain cases.
It will also have the right to scrap the merger deal with ArchiMed to enter into a superior proposal, which will be contingent on the terms and conditions of such agreement, including payment of a customary fee for the termination.