CAS Medical Systems stock rockets to pace Nasdaq gainers after Edwards Lifesciences buyout deal
Shares of CAS Medical Systems Inc. (CASM) rocketed 54% toward a six-month high in morning trade Tuesday, enough to pace all Nasdaq gainers, after the medical technology company agreed to be acquired by Edwards Lifesciences Corp. (EW) in a cash deal valued at $100 million. Under terms of the deal, Edwards will pay $2.45 for each CAS share outstanding, which is 56% above Monday's closing price of $1.57. The deal price implies a $70.7 million market capitalization for CAS. Edwards' stock tacked on 0.7%. "Cerebral oximetry technology provides an important indicator of oxygen levels in the brain, which can enhance clinician decision-making, said Katie Szyman, vice president of critical care at Edwards. "We believe the incorporation of CASMED's FORE-SIGHT technology into Edwards' leading hemodynamic monitoring platform, along with Edwards' predictive analytics capability, will strengthen Edwards' leadership in smart monitoring technologies by providing physicians with a more comprehensive status of their surgical and critically ill patients." CAS shares have not run up 28% over the past three months and Edwards' stock has rallied 18%, while the S&P 500 has gained 0.1%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
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02-12-19 0939ETCopyright (c) 2019 Dow Jones & Company, Inc.