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SYK - Wright Medical Group: 10% Spread Looks Attractive
Stryker Corporation
Stryker / Wright Medical Deal Overview
On 4 November 2019, Stryker (SYK) signed a definitive agreement to acquire Wright Medical Group (WMGI) for an equity value of $4.0 billion ($5.4 billion enterprise value) or $30.75 per share. The offer price represents a 24.9x EV / 2020(est) adjusted EBITDA multiple and was set at a 48% premium to the unaffected weighted average share price. With WMGI currently trading at $28.02 per share, the merger spread is 10%. This is an all-cash deal set to complete by the end of July 2020.