Integer Stockholders Clear Final Hurdle for KKR's $5.7B Takeover
ITGR has more than doubled off its 52-week low of $62.
Summary
Stockholders approved the proposals tied to KKR's $5.7 billion buyout at $127 a share in cash, clearing the vote the definitive proxy scheduled for October 21. That removes the last major shareholder hurdle for a deal announced August 3, which already had its HSR waiting period terminated on September 30. The stock at $126.70 sits essentially at the $127 deal price and near its 52-week high, so the market is pricing this as done. The remaining risk is litigation: the company disclosed three stockholder suits and thirteen demand letters challenging the merger proxy in an October 14 8-K.
At the time of this announcement, ITGR was trading at $126.70 on NYSE in the Life Sciences sector, with a market capitalization of approximately $4.3B. The 52-week trading range was $62.00 to $126.83. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.