In Brief: Healthdyne Technologies
This article was originally published in The Gray Sheet
Executive Summary
Healthdyne Technologies: Board of directors unanimously rejects unsolicited acquisition offer from Invacare Corporation. Among factors influencing the decision to reject the Jan. 2 offer, valued at $190 mil., was the opinion of Healthdyne's financial advisor Cowen & Company that the offer of $12.50 per share for the 12.6 mil. outstanding shares was "grossly inadequate." In a release announcing the Jan. 24 decision, Healthdyne President and CEO Craig Reynolds states that the investment community has not fully appreciated the firm's new product entries for 1997 and 1998, and that markets "are expected to grow from approximately $575 mil. in 1996 to $1.2 bil. in 1998." Healthdyne has engaged Skadden, Arps, Slate, Meagher & Flom, LLP to act as its legal advisor...