STERIS Agrees To Buy Synergy Health For $1.9 Bln In Cash, Stock

(RTTNews) - STERIS Corp. (STE) Monday announced that it has reached agreement with Synergy Health PLC (SYR.L) on the terms of a recommended combination, under which Synergy Shareholders will receive 439 pence in cash and 0.4308 New STERIS Shares for each Synergy Share. The deal values the entire issued and to be issued share capital of Synergy at approximately 1.2 billion pounds or $1.9 billion.

The terms of the combination represents a value of 19.50 pounds per Synergy Share based on STERIS's closing share price of $56.38 on the Latest Practicable Date.

The per share price represents a premium of 39% to the closing price of £14.00 per Synergy Share on the Latest Practicable Date, and a premium of 32% to the volume weighted average closing price over the 30 day trading period.

In order to undertake the combination, STERIS has incorporated a new company, New STERIS. Following completion of the Combination, New STERIS will become the holding company of Synergy and STERIS.