Opto Circuits (India) and Cardiac Science have entered into a definitive merger agreement under which Opto Circuits has agreed to acquire all of the outstanding shares of Cardiac Science common stock for $2.30 per share.
The $2.30 price represents a 10% premium to the closing price of Cardiac Science common stock of $2.10 on 18 October 2010, a 28% premium to the average closing price for the 30 day period ended 18 October 2010 and a 30% premium to the average closing price for the 100 day period ended 18 October 2010.
Cardiac Science president and CEO Dave Marver said that they believe this transaction provides excellent value to their shareholders and expanded opportunity for customers, employees, and partners.
“Our business will benefit greatly from Opto Circuits’ financial resources, operational capabilities, and global scale,” Marver said.
Opto Circuits chairman and managing director Vinod Ramnani said that they are delighted to expand their presence in noninvasive diagnostic monitoring through this acquisition and are excited to enter the high-growth automated external defibrillation market.
“This transaction is expected to open many new global markets for Cardiac Science’s products and will greatly enhance Opto Circuits’ product offering and presence in the US,” Ramnani said.
Opto Circuits (India) is in the business of design, development, manufacture and marketing of healthcare equipment and interventional products.
Cardiac Science develops, manufactures, and markets diagnostic and therapeutic cardiology devices and systems.