Syneron Medical Ltd. (ELOS) and Candela Corp. (CLZR) announced the closing of merger. The closing of the merger followed the special meeting held on January 5 where Candela shareholders voted in favor of the proposed merger agreement.
Candela shareholders will receive 0.2911 ordinary shares of Syneron for each share of Candela common stock they own. Syneron will issue approximately 6.7 million shares to acquire Candela. Upon completion of the transaction, Syneron shareholders will own approximately 80% of the combined company and Candela shareholders will own approximately 20%.
Candela will continue to operate as a wholly-owned subsidiary of Syneron and maintain its subsidiary operations in Australia, France, Germany, Italy, Japan, Portugal, Spain and the United Kingdom. Candela has applied to delist its shares from NASDAQ.
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