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NVDQ

Novadaq

$6.00

-0.05 (-0.83%)

, SYK

Stryker

$142.24

1.01 (0.72%)

08:27
06/19/17
06/19
08:27
06/19/17
08:27

Novadaq agrees to be acquired by Stryker for $11.75 per share in cash

Novadaq Technologies (NVDQ) announced that it has entered into a definitive arrangement with Stryker (SYK) pursuant to which Stryker has agreed to acquire all of the issued and outstanding shares of Novadaq for $11.75 per share in cash, implying a total equity value of approximately $701M. The transaction price represents a premium of approximately 95.8% over the closing price of the Novadaq Shares on the NASDAQ on June 16, the last trading day before the announcement of the transaction. The transaction will be carried out by way of a court approved plan of arrangement under the Canada Business Corporations Act and will require the approval of, among others, the holders of at least 66 2/3% of the Novadaq Shares present in person or represented by proxy at a special meeting of Novadaq shareholders to be called to consider the Arrangement. The Special Meeting is expected to be held on or about August 4. The board of Novadaq, after consultation with its financial and legal advisors, and on the unanimous recommendation of a Special Committee of Novadaq's board, unanimously determined that the Arrangement is in the best interests of the Corporation and recommends that Novadaq shareholders vote in favor of the Arrangement. Novadaq's board and the Special Committee have also received a fairness opinion from each of Piper Jaffray and Perella Weinberg Partners in connection with the Arrangement to the effect that, as of the date of such opinions, and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be received by Novadaq's shareholders pursuant to the Arrangement is fair from a financial point of view. In addition to shareholder and court approvals, the Arrangement is subject to applicable regulatory approvals, including Canadian Competition Act and U.S. Hart-Scott-Rodino approvals, and the satisfaction of certain other closing conditions customary in transactions of this nature. The transaction is not subject to a financing condition.

NVDQ

Novadaq

$6.00

-0.05 (-0.83%)

SYK

Stryker

$142.24

1.01 (0.72%)

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    Jun

NVDQ Novadaq
$6.00

-0.05 (-0.83%)

06/01/17
STFL
06/01/17
NO CHANGE
STFL
Aetna may now cover Novadaq's DermACELL, says Stifel
03/13/17
NORL
03/13/17
UPGRADE
Target $7
NORL
Market Perform
Novadaq upgraded to Market Perform from Underperform at Northland
Northland analyst Suraj Kalia upgraded Novadaq Technologies to Market Perform saying the stock is in "relative equilibrium." The analyst keeps a $7 price target for the shares.
03/01/17
FLTL
03/01/17
DOWNGRADE
FLTL
Hold
Novadaq downgraded to Hold from Buy at Feltl
Feltl downgraded Novadaq to Hold and lowered its price target to $7 from $8.75 citing increased uncertainty and lack of near-term catalysts following the Q4 report and guidance.
01/17/17
CHLM
01/17/17
NO CHANGE
Target $12
CHLM
Buy
Novadaq price target lowered to $12 from $17 at Craig-Hallum
Craig-Hallum analyst Charles Haff lowered his price target for Novadaq to $12 from $17 after the company preannounced weak Q4 sales and provided 2017 guidance. The analyst reiterates a Buy rating on the shares.
SYK Stryker
$142.24

1.01 (0.72%)

06/13/17
LEER
06/13/17
NO CHANGE
Target $158
LEER
Outperform
Stryker price target raised to $158 from $151 at Leerink
Leerink analyst Richard Newitter raised his price target for Stryker to $158 after hosting an investor dinner with management. The analyst believes the company has "multiple sales growth drivers across a diversified set of businesses." His new price target reflects group multiple expansion and he keeps an Outperform rating on the name.
06/07/17
SBSH
06/07/17
NO CHANGE
Target $130
SBSH
Neutral
Citi ups Zimmer price target following orthopedic surgeon survey
After surveying 30 Biomet-specific orthopedic surgeons who experienced some supply shortages since Q3 of 2016, Citi analyst Amit Hazan sees a higher probability that Zimmer Biomet (ZBH) returns to full supply by end of the summer and begins to regain lost market share. The survey also showed that about half of Zimmer's supply-related share loss has gone to Stryker (SYK), Hazan tells investors in a research note. With the share gains expected to reverse, the analyst expects Stryker's U.S. knee growth to slow in the second half of 2017. He notes consensus expectations have the company's knee growth accelerating in the back half of the year due to MAKO. Hazan raised his price target for Stryker to $125 from $114 citing higher group valuations but keeps a Sell rating on the shares. To reflect an improved outlook, the analyst raised his price target for Zimmer to $130 from $108. He keeps a Neutral rating on the shares.
05/24/17
NEED
05/24/17
NO CHANGE
NEED
Hold
Medtronic unlikely to buy Mazor Robotics in near-term, says Needham
Needham analyst Mike Matson attributes some of the year-to-date advance in shares of Mazor Robotics (MZOR) to speculation that Medtronic (MDT) will acquire the company, though he sees that as unlikely in the near-term. Mazor shares are now trading "well above" the multiple that Stryker (SYK) paid to acquire Mako, noted Matson, who thinks its possible that Medtronic could eventually buy Mazor but only if the multiple declines via either a lower stock price or higher revenue. He keeps a Hold rating on Mazor shares.
05/23/17
MSCO
05/23/17
NO CHANGE
MSCO
Medtech Technology sector upgraded to Attractive from In-Line at Morgan Stanley
Morgan Stanley upgraded the Medtech Technology sector to Attractive saying structural fundamentals have improved and recent acceleration will likely continue, driving further multiple expansion.

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DCIX

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CAA

CalAtlantic

, LEN

Lennar

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CAA

CalAtlantic

LEN

Lennar

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SJI

South Jersey Industries

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South Jersey Industries rating change  »

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KBH

KB Home

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Toll Brothers

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WYNN

Wynn Resorts

$179.64

4.16 (2.37%)

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OPB

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$28.70

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BCRX

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$5.59

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IDRA

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ANF

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AAPL

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CYTX

Cytori Therapeutics

$0.40

-0.0188 (-4.48%)

09:19
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UBS

UBS

09:18
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Periodicals
UBS to start moving jobs in early 2018 ahead of Brexit, Telegraph reports »

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HAL

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PHM

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  • 30

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SPX

S&P 500

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Volatility Index S&P 500 Options

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RF

Regions Financial

09:17
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DHI

D.R. Horton

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