Heart diagnostics company Cardiac Science Corp. said Tuesday it is being bought by Opto Circuits Ltd. for about $64 million cash in a tender offer.
The company said Opto Circuits, based in India, is paying $2.30 per share, marking a 10 percent premium to Cardiac Sciences closing price of $2.10 on Monday. Cardiac Science, based in Bothell, Wash., had just over 27.7 million shares of common stock outstanding as of June 30, according to a filing with the Securities and Exchange Commission on Tuesday.
Shares of Cardiac Science rose 18 cents, or 8.6 percent, to $2.28 in morning trading. The stock has traded in a 52-week range of 90 cents to $4.02.
Piper Jaffray acted as financial adviser to Cardiac Science and Perkins Coie LLP served as outside legal counsel to Cardiac Science.
Opto Circuits, which makes health care equipment, will fund the acquisition with cash and its credit lines.