Water Pik Bought Out

The company will be acquired for $27.75 a share.
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Water Pik Technologies

(PIK)

agreed to be bought by private-equity firm Carlyle Group and Zodiac SA, an industrial company listed on the Paris Stock Exchange, for $27.75 a share.

The buyout price represents a 31.2% premium above Water Pik's average closing price for the last 30 trading days. The transaction is valued at about $380 million.

After the deal closes, Water Pik, a maker of electric toothbrushes and pool products, will be privately held and will be delisted from the

New York Stock Exchange

.

"We believe we will be delivering excellent value for our stockholders through this transaction," said Water Pik Technologies' Chief Executive Michael P. Hoopis.

Water Pik, based in Newport Beach, Calif., said the transaction should close in late April. Shares of Water Pik were up $5.52, or 25.5%, to $27.14. The stock has a 52-week range of $17.62 to $21.94.