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WMGI

Wright Medical

$22.00

1.2 (5.77%)

, SYK

Stryker

$212.78

-3.5 (-1.62%)

07:03
11/04/19
11/04
07:03
11/04/19
07:03

Wright Medical to be acquired by Stryker for $30.75 per share in cash

Wright Medical Group (WMGI) announced that it has entered into a definitive agreement under which Stryker (SYK) will acquire all of the issued and outstanding ordinary shares of Wright Medical Group N.V. for a total equity value of approximately $4.7B, including the value of Wright's outstanding convertible notes, and total enterprise value of approximately $5.4B. Under the terms of the agreement, Stryker will commence a tender offer for all outstanding ordinary shares of Wright for $30.75 per share, in cash. The boards of directors of both Stryker and Wright have approved the transaction. The closing of the transaction is subject to receipt of applicable regulatory approvals, the adoption of certain resolutions relating to the transaction at an extraordinary general meeting of Wright's shareholders, completion of the tender offer and other customary closing conditions. The offer of $30.75 per share in cash represents a premium of 52% over the volume-weighted average closing price of Wright ordinary shares over the thirty calendar days ended October 31, 2019, the last trading day prior to speculation that Wright was exploring a sale of the company. The acquisition is expected to close in the second half of 2020. Wright brings a highly complementary product portfolio and customer base to Stryker's trauma and extremities business. With global sales approaching $1B, Wright is a recognized leader in the upper extremities, lower extremities and biologics markets, which are among the fastest growing segments in orthopaedics. Wright's leading upper extremity portfolio and advanced preoperative planning technology will significantly add to Stryker's offering. Additionally, Wright's lower extremity and biologics will complement Stryker's portfolio and strengthen the company's position in this high-growth segment.

WMGI

Wright Medical

$22.00

1.2 (5.77%)

SYK

Stryker

$212.78

-3.5 (-1.62%)

WMGI Wright Medical
$22.00

1.2 (5.77%)

08/16/19
PIPR
08/16/19
NO CHANGE
Target $27
PIPR
Overweight
Wright Medical pullback brings good entry point, says Piper Jaffray
Piper Jaffray analyst Matt O'Brien says the recent pullback in shares of Wright Medical represents a good entry point. After hosting investor meetings with management this week, the analyst recommends buying the stock at these levels. Wright has dismissed all but one of their troubled lower extremity distributors and started selling through its own direct reps in these territories as of August 1, O'Brien tells investors in a research note. With the upper extremities business still growing quickly and a commitment to the EBITDA metrics laid out before the issue surfaced, "there is a lot to like here," says the analyst. He keeps an Overweight rating on the shares with a $27 price target.
09/09/19
BOFA
09/09/19
NO CHANGE
BOFA
Generac added to Endeavor List, Wright Medical removed at BofA/Merrill
11/03/19
STFL
11/03/19
NO CHANGE
STFL
Stifel agrees with report saying Wright Medical may be evaluating options
Stifel analyst Mathew Blackman, who has a Buy rating and $30 price target on Wright Medical Group (WMGI), said that Bloomberg reported late Friday that Wright Medical had engaged financial advisers to explore a potential sale of the company. While the analyst noted that it is impossible to confirm that report, he sees "legitimate reasons to believe the company is potentially evaluating strategic options," including its significant share underperformance, lack of a clear CEO succession plan, and that the shares are "undervalued relative to the company's leading position in attractive end markets with a robust profitability profile."
11/04/19
CANT
11/04/19
NO CHANGE
Target $28
CANT
Overweight
Wright Medical buyout long part of investment thesis, says Cantor Fitzgerald
A potential takeout has long been part of Wright Medical Group's investment thesis since current CEO Bob Palmisano took over leadership of the company in 2011, Cantor Fitzgerald analyst Craig Bijou tells investors in a research note. As such, he is "somewhat hesitant" to believe that Friday's report from Bloomberg regarding a potential sale is different from the prior occasions. With that said, the analyst says Medtech transactions over the last five years suggest a multiple of four-to-five times forward sales. Wright is an attractive asset, but there are likely several considerations for potential buyers, says Bijou, who keeps an Overweight rating on the shares with a $28 price target.
SYK Stryker
$212.78

-3.5 (-1.62%)

07/26/19
CANT
07/26/19
NO CHANGE
Target $230
CANT
Overweight
Stryker price target raised to $230 from $190 at Cantor Fitzgerald
Cantor Fitzgerald analyst Craig Bijou raised his price target for Stryker to $230 from $190 citing the company's "impressive" Q2 results. The analyst, however, thinks investor expectations for the stock "remain lofty." He keeps a Neutral rating on the shares.
07/26/19
ADAM
07/26/19
NO CHANGE
Target $233
ADAM
Buy
Stryker price target raised to $233 from $195 at Canaccord
Canaccord analyst Kyle Rose raised his price target on Stryker to $233 from $195 following strong Q2 results. The analyst said there was momentum across the entire portfolio and operationally, its earnings reflected strong sales growth and operating expense improvements. Rose reiterated his Buy rating on Stryker shares.
09/04/19
PIPR
09/04/19
NO CHANGE
PIPR
Overweight
Piper says robotics entry can accelerate Stryker's spine implant pull-through
After Stryker announced the purchase of Mobius Imaging and Cardan Robotics for $370M upfront and $130M in potential future milestones, Piper Jaffray analyst Matt O'Brien said he believes that having a robotics offering should accelerate implant pull-through for the company's Spine division. The analyst, who also sees the deals helping Stryker to present a more complete offering to customers once commercially available, keeps an Overweight rating on the stock.
09/05/19
ADAM
09/05/19
NO CHANGE
Target $233
ADAM
Buy
Stryker M&A activity viewed positively, says Canaccord
Canaccord analyst Kyle Rose noted Stryker agreed to acquire an imaging and robotics company which put them deeper into the spine business and complement their broader portfolio of robotic and navigation offerings which Rose believes is the future of spine surgery. Rose views the moves positively and views Stryker as a compelling asset. Rose reiterated his Buy rating and $233 price target on Stryker shares.

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