Excerpt from our One-Page Annotated News Summary:
Summary: Danaher (NYSE:DHR) outbid two companies to buy Australian medical-technology developer Vision Systems (ASX: VSL) for approximately $520 million including transaction costs or $3.75/VSL share. Best known for making Craftsman tools and Fluke electronic equipment, Danaher has been on an acquisition spree since CEO Lawrence Culp took command in May 2001. Its medical and dental business is now its largest unit. Robert W. Baird analyst Richard Eastman who has an "outperform" rating on Danaher comments, "Moving into medical technology, they can utilize their manufacturing expertise and production capabilities, and you'd have less cyclicality." The deal is pending board and government approval, but is expected to close by the end of the year.
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