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Analogic To Be Acquired By Altaris Capital For $1.1 Bln

Analogic Corp. (ALOG) Tuesday said it has agreed to be acquired by private investment firm Altaris Capital Partners LLC for about $1.1 billion.

Analog shareholder will receive $84.00 per share in cash. This represents a a premium of 25% to closing share price of $67.45 on June 7 when Analog had announced the launch of the strategic review process.

The deal was unanimously approved by Analogic's Board of Directors.

"The Board has always sought to maximize stockholder value," said Bernard Bailey, chairman of the Analogic Board of Directors. "The Board initiated a review of strategic alternatives available to Analogic. This 10-month, comprehensive process resulted in today's transaction with Altaris that provides stockholders with immediate, substantial, and certain cash value. The Board strongly believes that a transaction with a buyer with strategic assets like Altaris provides maximum value for and is in the best interest of Analogic stockholders."

Analogic had started a comprehensive strategic review process that was publicly announced by the company on June 6, 2017. In September, the company announced that it had engaged Citi as its financial advisor and had initiated a sale process. In October, the company's Board of Directors formed a Strategic Alternatives Committee of three independent directors to lead the process.

The transaction is expected to close in mid-2018 and is subject to approval by Analogic stockholders, regulatory approval and other customary closing conditions.

Upon the completion of the transaction, Analogic will become a privately held company and shares of Analogic's common stock will no longer be listed on any public market.

ALOG closed Tuesday's trading at $96.05, up $1.10 or 1.16%, on the Nasdaq.

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