* Bard to pay $20/shr, a premium of 45 pct over Rockwell's
* Bard says deal to expand its presence in urology homecare
Sept 4 Medical device company C. R. Bard Inc
said it would buy Rochester Medical Inc, which
makes products for urinary retention and incontinence, for about
$262 million to boost its presence in the urology homecare
Bard will pay $20 per Rochester Medical share, representing
a hefty 45 percent premium to the stock's last close. Rochester
Medical shares were up 44 percent in premarket trading on
Rochester Medical's products such as disposable medical
catheters are used by patients who need help with urinary
retention and incontinence outside the hospital.
"We believe that strengthening our position in the home care
market, and specifically the large and fast-growing intermittent
self-catheter segment, is strategically important at this time,"
Bard Chief Executive Timothy Ring said.
By 2018, an estimated 1.1 billion individuals worldwide will
be affected by some form of lower urinary tract or bladder
outlet obstruction, Bard said.
Bard, which has a market capitalization of more than $9
billion, makes medical devices for use in vascular, urology,
oncology and specialty surgical fields.
Rochester Medical board has unanimously approved the
agreement and will recommend the company's shareholders approve
the deal that is expected to close in the fourth quarter.
Piper Jaffray acted as financial adviser to Rochester
Medical, while Dorsey and Whitney was its legal counsel.
Bard shares closed at $114.66 on Tuesday on the New York