FUJIFILM Holdings Corp has entered into a definitive agreement with SonoSite Inc pursuant to which Fujifilm will acquire SonoSite for approximately $995 million, which includes amounts payable in connection with its convertible debt. The Boards of Directors of both companies unanimously approved the transaction.
Fujifilm, through a US subsidiary, will make an all-cash tender offer to purchase all outstanding shares of SonoSite common stock for $54 per share in cash. The purchase price represents a premium of 50.0% over SonoSite’s average closing stock price over the three months ended December 14, 2011, and a 75.4% premium over the closing price on November 2, 2011, the last trading day before news reports relating to a possible sale transaction were first published.
SonoSite’s Board of Directors will recommend that SonoSite’s shareholders tender their shares to Fujifilm pursuant to the offer. Upon completion of the acquisition, SonoSite will become a wholly owned subsidiary of Fujifilm, and will continue operations in Bothell, Wash. SonoSite will continue to be managed by its current leadership team, who will play a key role in driving the group’s future growth in the medical equipment sector, a key strategic pillar of Fujifilm.
SonoSite, a point-of-care ultrasound products manufacturer, specializes in the development of portable devices that are used in more than 20 clinical specialties. The company also recently expanded into the pre-clinical research market with its newly acquired ultra-high frequency micro-ultrasound technology.