Shares of Cynosure Inc.
soared 28% in active premarket trade Tuesday, after the medical aesthetics systems and technologies company announced a deal to be acquired by Hologic Inc.
in a deal valued at $1.65 billion. With volume of 5.7 million shares, Cynosure’s stock was the most active ahead of the open. Under terms of the deal, Hologic will pay $66 a share in cash for each Cynosure share outstanding, which represents a 28% premium to Monday’s closing price of $51.50. Hologic said it expects the deal to reduce net earnings, but add 3 cents a share to 5 cents a share to adjusted earnings in fiscal 2017. Syngergies aer expected to be $25 million by the third year after the deal closes. Cynosure develops products used by plastic surgeons for noninvasive body contouring, hair removal and skin revitalization. Hologic’s stock slumped 5.1% ahead of the open. Cynosure’s stock has run up 47% over the past 12 months through Monday, while Hologic shares have climbed 23% and the S&P 500
has rallied 25%.
View more information: https://www.marketwatch.com/story/cynosures-stock-rockets-after-buyout-deal-with-hologic-2017-02-14