Invivo acquisition gets on track
The waiting is over for Intermagnetics. The time set aside under the Hart-Scott Rodino Antitrust Improvements Act of 1976 has expired without any requests for additional information regarding the company's proposed acquisition of Invivo, a manufacturer
The waiting is over for Intermagnetics. The time set aside under the Hart-Scott Rodino Antitrust Improvements Act of 1976 has expired without any requests for additional information regarding the company's proposed acquisition of Invivo, a manufacturer of patient monitoring devices, including ones compatible with MR. The two companies are now able to proceed with the acquisition.
Invivo signed a definitive purchase agreement in mid-December for an all-cash transaction under which Intermagnetics will acquire all of Invivo's outstanding stock for $22 per share.
Intermagnetics' proposed expansion is coming in the context of improving financial results. The company announced last month that second-quarter net income rose about 21% to $4.4 million. Second-quarter net sales increased to $39.9 million from $36.7 million on increased sales and profits in its instrumentation sector, as well as a return to normalized sales and continued gains from its MRI product lines.
Newsletter
Stay at the forefront of radiology with the Diagnostic Imaging newsletter, delivering the latest news, clinical insights, and imaging advancements for today’s radiologists.
