Covidien Agrees to Buy Given Imaging for ~$860 Million --> $30 per share
Covidien to acquire all outstanding shares of developer of gastrointestinal diagnostics and monitoring products for $30 each in cash, according to a statement. NSN MXH8SCMEQTXC <GO> * Transaction subject to approval by Given Imaging shareholders and regulators; has been approved by both boards * Deal expected to be completed by Mar. 31 * Covidien will finance deal with cash on hand * Given Imaging will add $40m - $50m per quarter in incremental revenue * "Acquiring Given will enable Covidien to significantly expand its presence in a $3 billion GI market," Bryan Hanson, Group President, Medical Devices and U.S. for Covidien, said in the statement * NOTE: Given Imaging products include PillCam swallowed capsule endoscope * NOTE: Given shrs advance 22% on news to 6-yr high in Tel Aviv to 100 shekels, or $28.55
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