SAN ANTONIO ( TheStreet) -- Kinetic Concepts ( KCI) said Wednesday it agreed to be acquired by funds advised by Apax Partners, and affiliates of Canada Pension Plan Investment Board and the Public Sector Pension Investment Board, for $68.50 a share in cash, or $6.3 billion including debt. Shares of Kinetic Concepts, a provider of hospital beds, closed Tuesday at $64.49. The acquisition price, the parties said in a press release Wednesday, is a premium of about 21% to the one-month historical average stock price of $56.49 through July 5, a day before reports surfaced of a deal for Kinetic Concepts. It was reported last week that Blackstone ( BX) was in talks to buy Kinetic Concepts for about $5 billion. -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.
Shares of Kinetic Concepts were rising in premarket trading Monday after the company received a takeover bid from competitor ConvaTec that tops the terms of an agreement the company reached last month.