Shockwave Shares Inch Higher Premarket on Takeover by J&J
By Colin Kellaher
Shares of Shockwave Medical edged higher in premarket trading Friday after the medical-device maker agreed to be acquired by Johnson & Johnson in a deal with an enterprise value of $13.1 billion.
Shockwave shares were recently changing hands at $323.56, up 1.1%, in premarket trading, while shares of J&J ticked up 0.3% to $152.98.
J&J is paying $335 a share in cash for Shockwave, a 4.7% premium to Thursday's closing price of $319.99 for the Santa Clara, Calif., company.
The purchase price is also roughly 17% above Shockwave's closing price of $287.23 on March 25, before The Wall Street Journal reported that J&J was circling the company.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 05, 2024 07:38 ET (11:38 GMT)
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