Candela To Be Acquired By Israeli Firm
Wayland-based Candela Corp. plans to be acquired by Syneron Medical Ltd. of Israel by the end of the year in an all-stock deal worth about $65 million.
As proposed, the transaction would give Candela shareholders 0.29 shares of Syneron stock for every share of Candela stock they own. That works out to a value of about $2.84 per share, a premium of 51 percent above the company's closing stock price as of Tuesday.
When the deal is closed, Syneron shareholders will own about 80 percent of the company and Candela shareholders will own the remaining 20 percent. Candela will be run as a wholly-owned subsidiary of Syneron and will remain at its headquarters in Wayland.
Candela said about 55 percent of the combined company's business will be with dermatologists and plastic surgeons. Syneron recently announced an initiative to produce more "consumable" products. Candela makes lasers used in cosmetic and other procedures.
WBJ Web Partners
Most Recent
Most Recent
0 Comments