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HealthTronics bids for EndoCare

This article was originally published in The Gray Sheet

Executive Summary

In a letter to Endocare's board of directors, released after the markets closed on Aug. 6, HealthTronics says it wants to buy the cryosurgery device company for $2.28 per share, about a 20% premium over Endocare's Aug. 6 closing stock price. Endocare responds that its board will review the unsolicited bid and consult with advisers. Both companies have a focus on prostate cancer. In second-quarter earnings released Aug. 6, Endocare's sales were flat at $7.9 million
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