Elron Electronic Industries Ltd.(ELRNF)- OTCPK - Current
  • Dec. 8, 2013, 5:19 AM
    • Covidien (COV) has agreed to acquire Given Imaging (GIVN), an Israeli provider of an ingestible camera for diagnosing stomach problems, for $860M.
    • The offer of $30 a share represents a premium of 27% over Given's closing price on Nasdaq on Friday. Shares in Tel Aviv have jumped 21%.
    • "We believe GI (gastrointestinal) is one of the most attractive specialty procedure areas," said Covidien's (COV) Bryan Hanson. "Acquiring Given will enable Covidien to significantly expand its presence in a $3B GI market."
    • Covidien intends to finance the transaction, which is expected to be completed by March 31, with cash on hand.
    • The Irish-based firm forecast that Given will add $40-50M a quarter in incremental revenue. The acquisition is seen as being neutral to operating margin and adjusted EPS in FY 2014, and then as adding to those metrics in 2015 and beyond.
    • Given shareholders that control 44% of the company have approved the deal, including Elron Electronic Industries (ELRNF). (PR)
    | Dec. 8, 2013, 5:19 AM | 1 Comment