Covidien To Buy Oridion Systems For $23/Share
Oridion Systems Ltd (OTC: ORDNF) agreed to be bought by Covidien PLC (NYSE: COV) for around $300 million in cash.
Covidien will pay $23 per Oridion share, representing a 72% premium to Oridion's closing price of $13.40 on Wednesday.
The deal is expected to close in the second quarter.
Oridion shares closed at $13.40 yesterday, while COV shares closed at $53.82 yesterday.
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Tags: merger and acquisition