Shares of Rochester Medical spike more than 40% on news that healthcare giant C.R. Bard plans to acquire the company for $20 per share, amounting to about $262 million total.
Both C.R. Bard (NYSE:BCR) and Rochester Medical (NSDQ:ROCM) got some stock market love today after the companies signed a definitive merger agreement, but Rochester was the clear Wall Street darling with a more than 40% bump in shares by early afternoon trading.
Stewartville, Minn.-based Rochester announced this morning that its board of directors unanimously approved a $20-per-share cash acquisition by Bard, a proposal worth about $262 million in total. ROCM shares jumped from last night's close at $13.81 to $19.95 as of about 12:30 p.m. today, a $44.5% increase. Bard got a little love of its own, with shares up 1.1% to $115.95 by midday.