SRI Surgical prepares for bid from rival
This article was originally published in Clinica
Executive Summary
Device reprocessing firm SRI Surgical has been approached by a “much larger direct competitor” over the potential sale of the firm. SRI (Tampa, Florida) provides central processing and supply chain management services to hospitals and surgery centres in the US. Leading players in the field of surgical device reprocessing include, among others, Stryker’s Ascent Healthcare Solutions, SterilMed and German firms remed, HS System- und Prozesstechnik, Vanguard, MediSys, hawo and Dr Weigert. In response to unsolicited "expression of interest", SRI has adopted a shareholder rights plan, designed to protect the company's shareholders and prevent a hostile takeover. The plan will assure the firm has time to properly evaluate and respond to the interest. The rights plan establishes a dividend of one right on each outstanding share of SRI’s outstanding stock and will become exercisable if a person or group acquires 15% or more of SRI’s stock. The rights plan has a term of two years from 5 November.