Theragenics, Juniper Investment Company LLC deal
Theragenics said investment firm Juniper will acquire the 93% of the biotech it does not already own for $2.20 per share in cash, or about $63.9 million based on 31.2 million shares outstanding on Aug. 2. The offer is a 48% premium to Theragenics' close of $1.49 on May 10, before the proposal was announced, and a 9% premium to the company's close of $2.02 on Aug. 2, before the deal was signed. Theragenics' board unanimously approved the deal, which is expected to close next quarter.
The price is below the $2.25-$2.30 range that Theragenics received in a May proposal from Juniper to acquire the biotech. At the time, Theragenics said the $2.25-$2.30 proposal reflected a negotiated increase from a $2.05-$2.10 per share offer originally made by Juniper in a letter to Theragenics on May 10 (see BioCentury, May 20). ...