ConMed closes its 27¢-per-share tender offer for medical imaging company Viking Systems, giving it about 84% of Viking as it looks to close its short-form merger.
The 27¢-per-share price represents a 42% premium over VKNG's 19¢ closing price August 13, when the $22.5 million deal was announced. The news sent propelled VKNG shares up nearly 39% the next day, to 26.3¢.
Although the tender offer began August 27, as of August 13 about 43% of VKNG shares had already been tendered. The merger is expected to close during the 4th quarter.