Intermagnetics acquires Invivo
This article was originally published in The Gray Sheet
Executive Summary
MRI firm Intermagnetics expects to close a $152 mil. purchase of Invivo in late January. The agreed-upon price of $22 per share represents an increase over the initial $19 cash/stock offer rejected by the patient monitoring technology company Nov. 4 (1"The Gray Sheet" Nov. 10, 2003, p. 10). Intermagnetics views the acquisition as being modestly accretive through the remainder of FY '04, with larger gains projected for 2005. The Latham, N.Y.-based imaging firm announced Dec. 18 fiscal Q2 revenues of $39.9 mil., up 8.7% from last year...