AtriCure Enters Into Definitive Agreement to Acquire nContact
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October 6, 2015 8:55 AM EDT
Canaccord Genuity maintained a Buy rating on AtriCure Inc. (NASDAQ: ATRC), and cut the price target to $28.00 (from $31.00), on current weakness. Analyst Jason Mills recommend investors add to positions in ATRC on weakness associated with the nContact deal.
Mills Commented, "We recommend investors add to positions in ATRC on weakness associated with the nContact deal. We believe this business combination will 1) strengthen AtriCures presence in the AF market; 2) expand its... More
October 5, 2015 6:41 AM EDT
AtriCure (NASDAQ: ATRC) announced that it has entered into a definitive merger agreement under which AtriCure has agreed to acquire nContact, Inc., a privately held developer of innovative cardiac ablation solutions.
The transaction consideration consists of an upfront payment of approximately 3.7 million shares of AtriCure common stock, valued at $24.60 per share, and approximately $8 million in cash, subject to closing adjustments. The transaction also includes up to $50 million in additional contingent consideration based on completion of enrollment of the CONVERGE IDE trial and PMA approval. Additionally, nContact shareholders are entitled to additional sales-based... More
