NELLCOR, PURITAN-BENNETT MERGER SEEKS TO CAPITALIZE ON SYNERGIES IN HOME CARE ARENA; $475 MIL. STOCK-SWAP AGREEMENT VALUES P-B AT $36.25 PER SHARE
This article was originally published in The Gray Sheet
Puritan-Bennett's decision to hold out for a better merger offer appears to have paid off; Nellcor and Puritan-Bennett's $475 mil. stock-swap merger agreement values Puritan-Bennett stock at about $36.25 per share, representing a nearly 40% premium to P-B's May 19 NASDAQ closing price of $26-1/8 and an approximately 48% increase from Thermo Electron's $24.50 per share tender offer to acquire P-B last fall.
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