(Reuters) - Medical device maker Theragenics Corp TGX.N said it had received a takeover offer of $69.9 million to $71.4 million from Juniper Investment Co, representing a premium of 51-54 percent to its closing stock price on Friday.
The company’s shares rose about 36 percent to $2.03 in early trading on the Nasdaq. Juniper Investments is offering $2.25 to $2.30 per share in cash, Theragenics said.
In a letter dated May 10, Juniper had offered Theragenics $2.05 to $2.10 per share. Theragenics said the latest offer represents a negotiated increase from the initial bid.
It also said it would negotiate exclusively with Juniper through June 11 regarding the acquisition. If the two reach a deal, Theragenics would seek interest from potential suitors through a “go shop” provision, the medical device maker said.
Theragenics is being advised by financial advisor VRA Partners and legal advisor Bryan Cave LLP.
Reporting By Vrinda Manocha in Bangalore; Editing by Sreejiraj Eluvangal