May 5, 2010 - SenoRx Inc. announced it has entered into a definitive merger agreement with C. R. Bard at a price of $11 per share, or approximately $213 million in the aggregate.
The $11 in cash for each share that SenoRx stockholders will receive at the closing of the merger represents a 14 percent premium over the closing price on May 4, and a 41 percent premium over the company's average closing price during the 90 trading days ended May 4.
The acquisition is subject to certain closing conditions specified in the definitive agreement, including regulatory approvals and the approval of SenoRx's stockholders. The transaction is expected to close in the third quarter of 2010.
The SenoRx board of directors unanimously approved the agreement and will recommend that the company's shareholders approve the transaction.
"We believe the merger represents a great opportunity for the combined companies to create product leadership by offering a broader range of high-quality breast care products to our customers," said John Buhler, SenoRx president and CEO.
Both companies offer products for the breast and oncology market.