Theragenics has confirmed that its Board of Directors has rejected the acquisition proposal from Eckert & Ziegler Strahlen- und Medizintechnik (EUZ) of Berlin, Germany, either directly or through its subsidiary IBt Bebig, saying it undervalues the company.

The proposal from EUZ and its wholly owned subsidiary, IBt, would allow EUZ to acquire all outstanding shares of Theragenics’ stock at $2.20 per share.

Theragenics chairman and CEO Christine Jacobs said after careful and thorough evaluation, and with the assistance of their financial and legal advisors, their Board determined that the proposal grossly undervalues their business and prospects, and therefore is inadequate and not in the best interests of Theragenics and its stockholders.

"We stated our position in our March 11 letter to EUZ, and nothing has changed," Jacobs said.

Theragenics, a medical device company serving the surgical products and prostate cancer treatment markets, manufactures and distributes wound closure, vascular access and specialty needle products.