Merger Adds Complementary Products and Expands Sales Channels for Both Companies
SAN DIEGO, June 9 /PRNewswire-FirstCall/ -- CardioDynamics (Nasdaq: CDIC), the innovator and leader of BioZ(R) Impedance Cardiography (ICG) technology, today announced that it has entered into a definitive merger agreement whereby SonoSite (Nasdaq: SONO) will acquire CardioDynamics in exchange for $1.35 per share in cash. The price paid represents a 69% premium over the closing share price on June 8, 2009. The aggregate transaction value will be approximately $12.3 million, including assumption of approximately $2.3 million of net debt. The boards of directors for both companies have approved the merger agreement. The transaction is subject to customary regulatory approvals and approval by the shareholders of CardioDynamics and is expected to close in the third quarter of calendar 2009. Approval by the shareholders of SonoSite is not required.
During the fiscal year ended November 30, 2008, CardioDynamics generated revenues of $24.5 million and SonoSite generated revenues of $243.5 million for its fiscal year ending December 31, 2008. SonoSite is the innovator and world leader in hand-carried ultrasound. SonoSite's small, lightweight systems are expanding the use of ultrasound across the clinical spectrum by cost-effectively bringing high performance ultrasound to the point of patient care.
Michael K. Perry, CardioDynamics CEO, commented, "This acquisition is the result of an extensive process and fulfills our Board of Directors' objective to maximize shareholder value. We are pleased with SonoSite's recognition of the value that we have produced in creating a new medical marketplace with ICG technology and building a strong phys
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