by
Brendon Nafziger, DOTmed News Associate Editor | March 12, 2012
Japanese chemicals conglomerate Asahi Kasei Corp. said Monday it intends to buy external defibrillator maker Zoll Medical for $2.21 billion.
Asahi Kasei said it was offering $93 a share for Zoll, a 23.8 percent premium on its Friday closing price.
News of the deal sent Zoll's stock soaring about 23.6 percent to reach $92.87 in trading on Nasdaq Monday.
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Tokyo-based Asahi Kasei said the deal, expected to close in the second quarter, is dependent on customary closing conditions, as well as receipt of two-thirds of Zoll's outstanding shares. The boards of both companies have approved the buyout, Asahi Kasei said.
After the acquisition goes through, Zoll's management and operations will remain intact, Asahi Kasei said. Zoll is headquartered in Chelmsford, Mass.
This isn't the first deal between the two companies. In July, Asahi Kasei got exclusive distribution rights in Japan for Zoll's AED Plus automatic external defibrillator.
In fiscal 2011, which ended in October, Zoll reported profits of $31.3 million on revenues of $523.7 million.
