XENT - Why Intersect ENT Shot 12% Higher on Friday
Intersect ENT (NASDAQ: XENT) , a medical device maker specializing in technology for the ear, nose, and throat segment, had a memorable Friday. On the same day it delivered its latest quarterly results, a peer announced it was acquiring the company.
That peer is medical device giant Medtronic (NYSE: MDT) , which has signed a definitive agreement to purchase Intersect ENT for $28.25 per share in a deal with an enterprise value estimated at around $1.1 billion. The news comes less than a month after it was revealed that Medtronic had made a formal buyout offer .
That per-share price is 15% higher than Intersect ENT's closing level on Thursday, hence Friday's price leap.
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Why Intersect ENT Shot 12% Higher on Friday