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Covidien closes $210M purchase of Aspect Medical
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NEW YORK - Drug and medical device maker Covidien PLC said Friday it completed its $210 million purchase of Aspect Medical Systems, a company that makes brain monitoring technology.
Covidien said its tender offer for Aspect stock, which was worth $12 per share, closed at midnight. Aspect, which is headquartered in Norwood, Mass., is now a subsidy of Covidien, which is based in Ireland.
Aspect shares were trading at $7.67 when Covidien made its offer, making the company's bid a 56 percent premium. The stock finished at $12.27 on Friday. In aftermarket trading, Aspect shares fell 20 cents to $12.07, and Covidien stock gave up 11 cents to $43.94.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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