From Earlier: Covidien Announces Definitive Agreement to Acquire Oridion Systems for $300M
Covidien (NYSE: COV) today announced a definitive agreement to acquire Oridion Systems Ltd.
Oridion Systems, based in Jerusalem, Israel, had 2011 sales of $64 million. The Boards of Directors of both companies have unanimously approved the transaction, pursuant to which a wholly owned subsidiary of Covidien will pay $23.00 in cash per Oridion share for a total of approximately $300 million, net of cash acquired. The transaction, structured as a merger, will be subject to the approval of Oridion's shareholders, customary closing conditions and receipt of certain regulatory approvals. The companies expect to complete the merger in the second calendar quarter of 2012.
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