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Thermage snubs new acquisition offer; keeps to Reliant deal

This article was originally published in Clinica

Executive Summary

Thermage has rejected an alternative unsolicited acquisition proposal from an unnamed third party, and said it remains committed to its pending $95m merger with fellow skin repair specialist Reliant Technologies. Hayward, California-based Thermage had received the $5.50-per-share offer – payable either in cash or a cash-and-stock mix – from the interested party on August 20. However, the company said the Reliant deal will provide "significantly greater value" to Thermage stockholders. The Reliant/Thermage merger, announced in July (see Clinica No 1315, p 13), is expected to create a leader in the skin tissue repair market. The combined company is said to have generated revenue of $137m for fiscal 2008.

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