Royal DSM (RDSMY.PK) has reached a definitive agreement with Kensey Nash Corp. (KNSY), pursuant to which DSM would acquire Kensey Nash through a cash tender offer, followed by a merger with an unit of DSM, for $38.50 in cash per share for total enterprise value of around $360 million. The agreed price represents a premium of 33% to Kensey Nash's closing share price of $29.01 on May 2, 2012. The transaction may be complete around the end of second quarter of 2012.
Kensey Nash's board has unanimously recommended its stockholders to accept the offer and tender their shares into the offer when it is made. The tender offer is expected to begin in May. The transaction is not subject to a financing condition, and DSM plans to finance the acquisition from existing cash. DSM anticipates the transaction to be accretive to earnings from 2013 onwards.
by RTT Staff Writer
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