Shares of CAS Medical Systems Inc.
rocketed 54% toward a six-month high in morning trade Tuesday, enough to pace all Nasdaq gainers, after the medical technology company agreed to be acquired by Edwards Lifesciences Corp.
in a cash deal valued at $100 million. Under terms of the deal, Edwards will pay $2.45 for each CAS share outstanding, which is 56% above Monday’s closing price of $1.57. The deal price implies a $70.7 million market capitalization for CAS. Edwards’ stock tacked on 0.7%. “Cerebral oximetry technology provides an important indicator of oxygen levels in the brain, which can enhance clinician decision-making, said Katie Szyman, vice president of critical care at Edwards. “We believe the incorporation of CASMED’s FORE-SIGHT technology into Edwards’ leading hemodynamic monitoring platform, along with Edwards’ predictive analytics capability, will strengthen Edwards’ leadership in smart monitoring technologies by providing physicians with a more comprehensive status of their surgical and critically ill patients.” CAS shares have not run up 28% over the past three months and Edwards’ stock has rallied 18%, while the S&P 500
has gained 0.1%.
View more information: https://www.marketwatch.com/story/cas-medical-systems-stock-rockets-to-pace-nasdaq-gainers-after-edwards-lifesciences-buyout-deal-2019-02-12