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CAS Medical Systems Inc (NASDAQ:CASM) shares are rising by one-half of their value Tuesday after Edwards Lifesciences Corp (NYSE:EW), a manufacturer of heart valves and other medical devices, announced an agreement to buy the company.
What Happened
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CAS Medical is a medical tech company that focuses on non-invasive monitoring of tissue oxygenation in the brain.
Edwards will buy CAS Medical in an all-cash transaction for $2.45 per share, or an equity value of about $100 million, according to the terms of the deal.
The per-share value represents a 56-percent premium over the $1.57 at which CAS Medical shares closed Monday.
Why It's Important
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"We believe the incorporation of CASMED's FORE-SIGHT technology into Edwards' leading hemodynamic monitoring platform, along with Edwards' predictive analytics capability, will strengthen Edwards' leadership in smart monitoring technologies by providing physicians with a more comprehensive status of their surgical and critically ill patients," Katie Szyman, Edwards' corporate vice president of critical care, said in a statement.
The companies expect the transaction to close in the second quarter, subject to the satisfaction of customary closing conditions, including antitrust clearance and approval by CAS Medical shareholders.
What's Next
As a precondition to the deal, all holders of CAS Medical's Series A convertible preferred stock or Series A exchangeable preferred stock will convert their shares into common stock and will be eligible to receive the deal consideration due to common shareholders.
At last check, CAS Medical shares were rallying 54.14 percent to $2.42, their highest levels since mid-August. Edwards shares were also advancing, rising 1.36 percent to $175.66.
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27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.