Immucor Inc. (Nasdaq: BLUD) shares surged 30.2% to $26.98 after the provider of blood-transfusion systems agreed to be acquired by TPG Capital for $1.97 billion. Shares in the company totaled 21.6, or more than 40 times its normal daily average.
The company, based in Norcross, Ga., issued a release July 5 saying that, under the terms of the agreement, Immucor shareholders will receive $27.00 in cash for each share of Immucor common stock they own, representing a premium of approximately 30.2% over the closing share price on July 1, 2011, the last full trading day before today’s announcement, and a premium of approximately 35.6% to Immucor’s average closing price over the last month. The transaction is expected to close in the second half of 2011. The agreement was unanimously approved by the Immucor Board of Directors.
“This transaction enables our shareholders to realize significant, immediate value while at the same time allowing Immucor to remain well-positioned to continue pursuinggrowth opportunities,” said Joseph Rosen, Immucor Board Chairman in the release.
“Our Board is pleased with the outcome of the process we followed leading to this transaction, and believes that this transaction is in the best interests of our shareholders.”
Founded in 1982, Immucor manufactures and sells a complete line of reagents and systems used by hospitals, reference laboratories and donor centers to detect and identify certain properties of the cell and serum components of blood prior to transfusion