NEW YORK (TheStreet) -- Shares of HeartWare Int'l (HTWR) are soaring 92.6% to $57.74 on heavy trading volume late Monday afternoon after the medical device company agreed to be acquired by Medtronic (MDT) for about $1.1 billion.
Medtronic will pay $58 per share in cash for the Framingham, MA-based company, which is a premium of 93.5% to HeartWare's Friday closing price of $29.98.
"It's just a home run for them," TheStreet's Jim Cramer said of Medtronic on CNBC's "Squawk on the Street" earlier today.
The transaction is expected to close during Medtronic's second quarter ending October 28 and is subject to customary closing conditions.
"The addition of HeartWare's innovative portfolio adds to our expanding portfolio of diagnostics, therapeutics and services that address heart failure patients," Mike Coyle, president of the Cardiac and Vascular Group at Medtronic, said in a statement.
Roughly 9.07 million of HeartWare's shares changed hands by late this afternoon vs. its average 30-day volume of 240,119 shares per day.
Shares of Medtronic are down 1.33% to $82.15 on Monday afternoon.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on HeartWare stock.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally high debt management risk and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.
You can view the full analysis from the report here: HTWR