(By Balachander) Danaher Corp. (NYSE:DHR) has agreed to acquire IRIS International Inc. (NASDAQ:IRIS), a maker of automated in-vitro diagnostic systems, for $19.50 per share. IRIS shares surged 45 percent in early trade on Monday.
The deal represents a 45 percent premium to IRIS' previous closing price. IRIS shares have been trading in the 52-week range of $7.95 to $13.92.
Washington, District of Columbia-based Danaher, with annual revenue of $16.1 billion, is engaged in the manufacture of electronic measurement instruments.
IRIS provides automated urine microscopy and chemistry systems and it is expanding its core imaging and morphology expertise into related markets, including applications in hematology and body fluids.
Cesar García, Chairman, and Chief Executive Officer of IRIS commented that the Board voted unanimously to accept Danaher's proposal as it provides for an "immediate compelling cash premium realization" for our shareholders.
The deal is expected to close in the fourth quarter.
Citi is acting as financial advisor and Stubbs Alderton & Markiles, LLP is serving as legal counsel to IRIS in connection with the deal.
DHR shares, which have been trading in the 52-week range of $39.34 to $56.45, edged 0.02 percent lower to $54.78 on Monday.