Kensey Nash (KNSY) Acquired by Royal DSM for $38.50/Share
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Kensey Nash Corporation (Nasdaq: KNSY) agrees to be acquired by Royal DSM (DSM) (NYSE Euronext: DSM KON) for $38.50 per share in cash, or a 33% over yesterday's close.
The tender offer is currently expected to be completed by the end of June 2012. Following the completion of the tender offer, DSM will acquire the remaining outstanding shares of Kensey Nash common stock through a second step merger, subject to customary conditions.
"We are very pleased to have entered into the merger agreement with DSM, as the transaction will deliver significant value to our stockholders. The price to be paid to our stockholders represents a premium of 33% over our closing price on May 2, 2012," said Joe Kaufmann, President and Chief Executive Officer. "When completed, the transaction will also be a great event for our strategic partners, customers and employees. DSM is a global Life Sciences and Materials Sciences company with sales around euro 9 billion and 22,000 employees worldwide. Their presence in biomedical materials markets comes from a unique convergence between their expertise in Life Sciences and Materials Sciences. Our employees will benefit from the growth and expansion that DSM envisions will occur from this combination of capabilities and resources," Mr. Kaufmann added.
The tender offer is currently expected to be completed by the end of June 2012. Following the completion of the tender offer, DSM will acquire the remaining outstanding shares of Kensey Nash common stock through a second step merger, subject to customary conditions.
"We are very pleased to have entered into the merger agreement with DSM, as the transaction will deliver significant value to our stockholders. The price to be paid to our stockholders represents a premium of 33% over our closing price on May 2, 2012," said Joe Kaufmann, President and Chief Executive Officer. "When completed, the transaction will also be a great event for our strategic partners, customers and employees. DSM is a global Life Sciences and Materials Sciences company with sales around euro 9 billion and 22,000 employees worldwide. Their presence in biomedical materials markets comes from a unique convergence between their expertise in Life Sciences and Materials Sciences. Our employees will benefit from the growth and expansion that DSM envisions will occur from this combination of capabilities and resources," Mr. Kaufmann added.
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