Home Diagnostics Bought for 90% Premium

Home Diagnostics has reached an agreement to be acquired for $11.50 a share, a premium of 90% to its closing stock price on Tuesday, by Japan's Nipro.
By Joseph Woelfel ,

FORT LAUDERDALE, Fla. (

TheStreet

) --

Home Diagnostics

(HDIX)

has reached an agreement to be acquired for $11.50 a share, a premium of 90% to its closing stock price on Tuesday, by Japan's

Nipro

.

The total purchase price is $215 million. Home Diagnostics share closed Tuesday at $6.05.

The boards of both companies have approved the deal.

Shareholders owning about 15% of Home Diagnostics' have agreed to tender their shares to the Nipro offer, Home Diagnostics said in a press statement Wednesday.

Home Diagnostics is a maker of diabetes testing supplies. Nipro makes medical devices, drug products and medical and glass products.

The tender offer is expected to begin next week.

-- Reported by Joseph Woelfel in New York.

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.

Loading ...