Analogic Corp. (NASDAQ:ALOG), a maker of medical-imaging products, said it agreed to a takeover by private-equity firm Altaris Capital Partners in a deal valued at US$1.1bln.
Altaris Capital will pay US$84 a share, Analogic said in a statement yesterday after the market close. The firm’s shares closed at US$96.05 and are down 13% to US$83.50 in pre-market trading.
Analogic said its board unanimously approved the deal, which is expected to close in mid-2018 and is subject to customary approval and closing conditions.
“The Board strongly believes that a transaction with a buyer with strategic assets like Altaris provides maximum value for and is in the best interest of Analogic stockholders,” Board Chairman Bernard Bailey said in the statement.