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CONMED'S $16.4 MIL STOCK SWAP ACQUISITION OF BIRTCHER

This article was originally published in The Gray Sheet

Executive Summary

CONMED'S $16.4 MIL STOCK SWAP ACQUISITION OF BIRTCHER values Irvine, California-based electrosurgical products manufacturer Birtcher Medical Systems at less than half its fiscal 1994 sales and represents a 12% premium over Birtcher's Dec. 5 NASDAQ closing price of $1-1/8 per share. The two companies announced on Dec. 6 the signing of a definitive merger agreement by which Birtcher shareholders will receive 1/12 of a share of Conmed common stock for each Birtcher common share and 1/2 of a Conmed common share for each share of Birtcher preferred stock. At Conmed's Dec. 5 closing price of 22-3/4, Birtcher would receive $1.26 per common share.
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