On the last day of 2013, Stryker Corp. announced that it would acquire publicly-traded Patient Safety Technologies Inc. (PSTX) Stryker offered$2.22 per share (a 51% premium) and cash in exchange for preferred shares of PSTX ($100 for each of 11,000 Series A preferred, and $296 for each of 70,000 Series B shares). The deal is valued at about $108 million and is expected to close in the first quarter of 2014. [See Deal]
The acquisition was a small tuck-in for a company with $8.7 billion in revenues, and the acquired product somewhat mundane....
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