Fluorescence imaging technology company Novadaq Technologies Inc. (NVDQ) could attract a rival offer on the heels of its deal to sell to Stryker Corp. (SYK) , according to Canaccord Genuity Inc. analyst Jason Mills in a note.

Mississauga, Canada-based Novadaq on Monday, June 19, said it has agreed to sell to Kalamazoo, Mich.-based Stryker for $11.75 per share in cash or $701 million. The price tag marks a premium of nearly 96% over Novadaq's closing price on June 16.

The net purchase price is $654 million, reflecting net cash of about $47 million.

Founded in 2000, Novadaq develops fluorescence imaging technology that provides surgeons with visualization of blood flow in vessels and related tissue perfusion in cardiac, gastrointestinal, plastic and reconstructive procedures, among others.

In a June 21 note, Canaccord's Mills wrote that he views Stryker as a logical buyer for Novadaq as it could seamlessly integrate the latter into its MedSurg business and "derive strong double-digit growth for several years into the future."

However, Mills thinks that Medtronic plc (MDT), Johnson & Johnson (JNJ) or Intuitive Surgical Inc. (ISRG) may also be interested in Novadaq.

Mills said he sees a "higher-than-normal probability" that a competitive bidder ultimately emerges. "While competitive bids are usually low probability in med-tech, we think the potential is a bit higher in this case, as we believe the NVDQ asset would fit very well strategically within any of the aforementioned companies," wrote Mills, who has a buy rating on Novadaq's shares.

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