CONMED Corp. (CNMD) and Viking Systems, Inc. (VKNG.OB) announced that the companies have entered into a definitive agreement providing for CONMED to acquire Viking for $0.27 per share in cash. The total expected consideration, including amounts to be paid in respect of in-the-money stock options and warrants, will be around $22.5 million.
As per the terms of the transaction, a wholly-owned subsidiary of CONMED will promptly begin a tender offer to buy all of Viking's outstanding shares of common stock for $0.27 per share in cash. Following successful completion of the tender offer, CONMED will acquire all remaining shares not tendered into the offer through a second-step merger at the same price as in the tender offer.
The proposed transaction has been approved by the boards of directors of both companies.
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