Theragenics gets buyout offer from investment firm; shares jump

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Medical device maker Theragenics Corp ( id="symbol_TGX.N_0">TGX.N) said it had received a takeover offer of $69.9 million to $71.4 million from Juniper Investment Co, representing a premium of 51-54 percent to its closing stock price on Friday.

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The company's shares rose about 36 percent to $2.03 in early trading on the Nasdaq. Juniper Investments is offering $2.25 to $2.30 per share in cash, Theragenics said.

In a letter dated May 10, Juniper had offered Theragenics $2.05 to $2.10 per share. Theragenics said the latest offer represents a negotiated increase from the initial bid.

It also said it would negotiate exclusively with Juniper through June 11 regarding the acquisition. If the two reach a deal, Theragenics would seek interest from potential suitors through a "go shop" provision, the medical device maker said.

 

Theragenics is being advised by financial advisor VRA Partners and legal advisor Bryan Cave LLP.

(Reporting By Vrinda Manocha in Bangalore; Editing by Sreejiraj Eluvangal)

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