CONMED Corp. (CNMD) To Acquire Viking Systems, Inc. (VKNG) For $22.5Mln

Aug. 15, 2012 10:17 AM ETCNMD
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Medical technology company CONMED Corp. and Viking Systems, Inc., a 3D and 2D visualization solutions company, have reached an agreement under which CONMED will acquire Viking for $0.27 per share in cash, representing a 42 percent premium over the closing price of Viking's common stock on August 13 for a total purchase price of approximately $22.5 million.

Viking's lead product is the Viking 3D-HD Vision System, an advanced 3D vision system used by surgeons during complex minimally invasive laparoscopic surgery, and is believed to be the only stand-alone 3D laparoscopic vision system on the market that is both FDA-cleared and CE-marked.

"The Viking line of 3-D High Definition surgical video products represents a strategic addition to our general surgical imaging franchise," Joseph J. Corasanti, president and CEO of CONMED stated in the press release. "Viking is at the forefront of three dimensional HD surgical imaging, and we believe that merging this technology with our established worldwide marketing and sales teams will expand the use of superior surgical visualization benefiting both surgeons and their patients."

Per the agreement, a wholly owned subsidiary of CONMED will commence a tender offer to purchase all of Viking's outstanding shares of common stock, after which CONMED will acquire all remaining shares not tendered into the offer through a second-step merger at the same price as in the tender offer. The tender offer is expected to be launched around August 27, 2012.

CONMED said it expects the transaction to close in the fourth quarter of 2012.

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