Covidien Snaps Up Somanetics For $250M

Law360, New York (June 16, 2010, 1:47 PM EDT) -- Ireland's Covidien PLC will pay $250 million in cash to buy oxygen monitor manufacturer Somanetics Corp., the latest move in the former Tyco International Ltd. affiliate's bid to diversify its portfolio.

Under the terms of the agreement, announced jointly by the companies Wednesday, Covidien will fork over $25 in cash per Somanetics share in an all-cash tender offer, followed by a second-step merger.

Covidien said the combination with Somanetics will broaden its product offerings and is expected to be accretive to both revenue and earnings growth...
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