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December 8, 2013
13:13 EDTGIVN, COV, ELRNFCovidien announces agreement to acquire Given Imaging for $30 per share
Covidien (COV) and Given Imaging (GIVN) announced a definitive agreement under which Covidien will acquire all of the outstanding shares of Given Imaging for $30 per share in cash, for a total of approximately $860M, net of cash and investments acquired. The transaction is subject to customary closing conditions, including Given Imaging shareholder approval and the receipt of certain regulatory approvals, and is expected to be completed by March 31, 2014. The boards of directors of both companies have approved the transaction, and the boards of directors of DIC, Elron (ELRNF) and Rdc, owners of 44% of Given's outstanding shares, have approved voting in favor of the transaction. DIC has also entered into a customary voting agreement with Covidien. Covidien intends to finance the transaction through cash on hand and will report Given Imaging within the Medical Devices business segment. Upon closing of the transaction, Covidien expects Given Imaging will add between $40M and $50M million per quarter in incremental revenue to the Medical Devices segment. On a reported U.S. GAAP basis, the transaction is expected to be dilutive to both operating margin and earnings per share in fiscal 2014. On an adjusted basis, excluding one-time items and transaction costs, management expects the transaction to be neutral to both operating margin and EPS in fiscal 2014. The transaction is expected to be accretive to operating margin and EPS both on a U.S. GAAP and on an adjusted basis in fiscal 2015 and beyond. From a “cash earnings” standpoint, which excludes the impact of amortization, the transaction is expected to be accretive immediately after it closes. Covidien management is not changing any of its guidance as a result of this transaction.
News For GIVN;COV;ELRNF From The Last 14 Days
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April 15, 2014
09:23 EDTCOVBarclays medical supplies/devices analysts hold analyst/industry conference call
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April 14, 2014
08:05 EDTCOVCovidien announces FDA 510(k) clearance for Kangaroo feeding tube
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April 11, 2014
11:42 EDTCOVCovidien liability from recall appears limited, says Brean Capital
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08:10 EDTCOVCovidien implements voluntary recall of devices
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April 8, 2014
07:26 EDTCOVElsevier Business Intelligence to hold a conference
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