June 28, 2017 / 5:53 AM / 3 months ago

BRIEF-Philips to acquire Spectranetics Corporation

June 28 (Reuters) - SPECTRANETICS CORP:

* PHILIPS TO ACQUIRE SPECTRANETICS CORPORATION

* ACQUISITION EXPECTED TO BE REVENUE GROWTH, ADJUSTED EBITA MARGIN AND ADJUSTED EPS ACCRETIVE FOR PHILIPS BY 2018

* PHILIPS WILL COMMENCE A TENDER OFFER TO ACQUIRE ALL OF ISSUED AND OUTSTANDING SHARES OF SPECTRANETICS FOR USD 38.50 PER SHARE, TO BE PAID IN CASH

* THIS REPRESENTS A 27 PERCENT PREMIUM TO SPECTRANETICS CLOSING PRICE ON JUNE 27, 2017.

* IMPLIED ENTERPRISE VALUE IS APPROXIMATELY EUR 1.9 BILLION, INCLUSIVE OF SPECTRANETICS’ CASH AND DEBT.

* BOARD OF DIRECTORS OF SPECTRANETICS HAS APPROVED TRANSACTION AND RECOMMENDS OFFER TO ITS SHAREHOLDERS

* TRANSACTION IS EXPECTED TO CLOSE IN Q3 OF 2017.

* PHILIPS IS OFFERING SPECTRANETICS SHAREHOLDERS USD 38.50 IN CASH PER SHARE, WHICH CONSTITUTES A 27 PERCENT PREMIUM TO SPECTRANETICS CLOSING PRICE ON JUNE 27, 2017

* PHILIPS TO ACQUIRE SPECTRANETICS CORPORATION Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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