Somanetics Soars On Acquisition News

By Monica Gerson
Benzinga Staff Writer
June 16, 2010 10:39 AM

Symbols: COV, SMTS

Posted in: Earnings, Long Ideas, News, Intraday Update, Markets, Trading Ideas

Somanetics Corporation (NASDAQ: SMTS) has jumped 31.43% in early morning trade on news of the company being acquired by Covidien Plc (NYSE: COV)

The maker of cardiac surgery equipment SMTS is being acquired in a $250 million deal, or $25 a share in cash. The deal price represents a 32% premium to SMTS’ yesterday closing price.

SMTS’ shares are trading at $24.84, reflecting a 31.43% gain. Read more from Benzinga's Company news.

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