BUFORD, Ga. (AP) — Medical device company Theragenics has received a sweetened buyout offer from Juniper Investment Co.
Theragenics’ stock soared to a multi-year high on Monday.
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Juniper boosted its bid to $2.25 to $2.30 per share, up from its prior offer of $2.05 to $2.10 per share. At the high end of the revised bid, the transaction is worth approximately $71.5 million. The high end of the offer is also a 54 percent premium to Theragenics’ Friday closing price of $1.49.
Theragenics currently has about 31.1 million outstanding shares, according to FactSet.
Theragenics Corp. said that it has entered an agreement to deal and talk exclusively with Juniper through June 11 regarding a potential transaction. It has agreed to not have any third-party talks during this time.
Theragenics said that its board is still evaluating strategic options.
Shares of Theragenics jumped 53 cents, or 35.6 percent, to $2.02 in afternoon trading. The stock reached $2.15 earlier in the session, its highest level since March 2011.
