May 1, 2017 / 9:13 PM / a year ago

BRIEF-Span-America Medical Systems agrees to be acquired by Savaria Corporation

May 1 (Reuters) - Span-America Medical Systems Inc:

* Span-America Medical Systems, Inc. agrees to be acquired by Savaria Corporation

* All-cash tender offer of $29 per share

* Savaria intends to acquire Span-America by way of an all-cash tender offer for $29 per share, or approximately $80.2 million

* Savaria has indicated that it will finance deal with cash on hand, financing commitment from National Bank of Canada among others

* Savaria also indicated that it will finance transaction with a Canadian equity private placement of subscription receipts

* Board of Directors of Span-America unanimously approved proposed acquisition of Span-America by Savaria

* Deal subject to conditions including receipt of two-thirds of Span-America’s shares in tender offer to Span-America’ shareholders

* As per deal, all of Span-America’s Board Members and senior managers have agreed to tender their shares

* Savaria to buy all remaining shares not tendered in tender offer through second-step merger at same price/share as payable under offer

* Members of Span-America’s Board, senior officers to tender their Span-America shares, constituting about 15.9% of its outstanding shares Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below