Corindus Vascular Robotics (CVRS) Soars On Acquisition

Corindus Vascular Robotics CVRS Stock News

Corindus Vascular Robotics Inc (NYSEAMERICAN: CVRS) is making a run for the top in the market this morning after reporting its financial results. However, investors are paying little attention to the financial data. Instead, the focus is on acquisition news, sending the stock up more than 70% early on.

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CVRS To Be Acquired

As mentioned above, Corindus Vascular Robotics is soaring in the market today after announcing its financial results. However, the gains have little to do with the data in the report as the company used it as an outlet to let investors know that it has entered into a definitive merger agreement.

According to the terms of the agreement, CVRS will be acquired by Siemens Healthineers AG. The company said that Siemens Medical Solutions, a subsidiary of Siemens Healthineers, will acquire all issued and outstanding shares.

The price on the deal works out to be about $1.1 billion, or $4.28 per share. The deal will take place through an all-cash transaction and has been approved by the Boards of Directors of both companies.

As is always the case, CVRS said that the deal is subject to shareholder approval as well as other customary and regulatory closing conditions.

as been approved by the Board of Directors of Corindus and is expected to close in the fourth quarter of 2019, subject to approval by Corindus stockholders, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and the satisfaction of other customary closing conditions.

In a statement, Mark J. Toland, President and CEO at CVRS, had the following to offer:

The transaction we announced today with Siemens Healthineers reflects the culmination of our efforts to find a strategic partner with the right synergies to accelerate the development of our precision robotics platform. By integrating our pioneering technology with Siemens Healthineers’ advanced high-quality imaging, digital and artificial intelligence tools, we will be ever closer to transforming the way healthcare is delivered to those suffering from cardiovascular or peripheral disease.

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