Danaher to buy Iris Intl for about $340.9M
WASHINGTON (AP) — Danaher Corp. said Monday that it has agreed to buy medical test maker Iris International Inc. in a deal worth about $340.9 million.
Under the terms of the agreement, the Washington-based health care and industrial manufacturer will pay $19.50 for each share of the Chatsworth, Calif.-based company. The offer represents a 45 percent premium over the Iris' Friday closing stock price of $13.42.
Iris shares rose $6.03, or 45 percent, to $19.45 in morning trading.
Based on Iris' about 17.5 million shares outstanding, the deal is worth about $340.9 million. The companies valued the deal at about $338 million, including assumed cash and debt.
Iris makes automated in-vitro diagnostics systems and related products. When the deal closes, the company will become part of Danaher's Beckman Coulter Diagnostics business.
Danaher said that Iris' board has unanimously recommended that the company's shareholders accept the offer and tender their shares.
The deal remains subject to customary conditions, including the tendering of a majority of the company's outstanding shares. It's expected to close in the fourth quarter.
Danaher shares fell 7 cents to $54.69.