March 14, 2008 – Specialized Health Products International Inc. has signed an agreement to be acquired for $68.4 million in cash, or $1.00 per share, by C. R. Bard Inc.
The transaction price represents a premium of 20 percent to Specialized Health Products stockholders based upon an average closing price of $0.83 for the last 30 trading days.
The transaction value of $68.4 million represents a multiple of 3.6 times Specialized Health Products’ 2007 revenue and 16.2 times 2007 EBITDA (earnings before interest, taxes, depreciation and amortization).
The transaction is subject to approval by Specialized Health Products stockholders as well as other customary regulatory approvals. Stockholders representing approximately
29 percent of Specialized Health Products’ outstanding shares, including its largest stockholder, the private-equity firm of Galen Partners which holds approximately 22 percent of the
outstanding shares, have signed agreements to vote their shares in support of the transaction. The company currently anticipates that the transaction will close late in the second quarter of 2008.
For more information: www.shpi.com