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OXFD - Oxford Immunotec: PerkinElmer Offer Provides A Fair Exit For Shareholders
Oxford Immunotec Global PLC
Oxford Immunotec will be acquired by PerkinElmer in an all-cash deal for $22/share.
The offer represents a c. 28% premium to the previous closing price at time of announcement and implies a c. 5x revenue multiple.
This will likely be a solid bolt-on for PerkinElmer considering the underlying growth potential, while Oxford benefits from PerkinElmer's scale and infrastructure.
I see high likelihood of a deal consummation on current terms and, consequently, limited room for merger arbitrage.