Itamar Medical, Ltd. (NASDAQ: ITMR) is engaged as a medical technology company, which focuses on the research, development and commercialization of non-invasive medical devices and solutions for respiratory sleep disorders. Shares of the medical technology company are surging 46% during early trading on Monday, September 13, 2021. Over the past three months, Itamar Medical has seen average daily volume of 30,350 shares. However, volume of 2.07 million shares or dollar volume of $62.41 million, has already exchanged hands through early trading Monday.
Shares of Itamar Medical are rallying after the company announced that it has entered into a definitive agreement to be acquired by ZOLL Medical Corporation, a private medical devices company. ZOLL is a Asahi Kasei company, which develops medical devices and technologies to support emergency care. This includes key medical devices like defibrillators, cardiac monitoring, CPR, circulation enhancement, data management, and more.
Under the terms of the deal, ZOLL will acquire all outstanding shares of Itamar Medical for $31 ADS or $1.03 per ordinary share in cash, giving the transaction a total value of $538 million. The offer of $31 ADS represents a 50% premium over the stock’s close on September 10th.
After the acquisition is completed, Itamar Medical will become a private company under ZOLL Medical Corporation. Itamar Medical will continue operations out of its current location of Caesarea, Israel. However, the takeover transaction is still subject to shareholder and regulatory approval. The management teams estimate the transaction to close before the end of 2021.
“We are excited to join forces with ZOLL Medical, a leader in addressing the needs of cardiologists and their patients. The integration of Itamar’s WatchPAT® technology and Digital Health solution for sleep apnea with ZOLL Medical’s commercial footprint will accelerate our mission of advancing home sleep medicine to benefit the population of undiagnosed and untreated patients,” said Gilad Glick, President and Chief Executive Officer of Itamar Medical.
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