BOTHELL, Wash. and BANGALORE, KARNATAKA, India, Oct. 19
/PRNewswire-FirstCall/ — Cardiac Science Corporation (Nasdaq:
CSCX) and Opto Circuits (India) Limited [BSE Code: 532391; NSE:
OPTOCIRCUI] today announced they have entered into a definitive
merger agreement under which Opto Circuits has agreed to acquire
all of the outstanding shares of Cardiac Science common stock for
$2.30 USD per share. The $2.30 price represents a 10% premium
to the closing price of Cardiac Science common stock of $2.10 on
October 18, 2010, a 28% premium to the average closing price for
the 30 day period ended October 18, 2010 and a 30% premium to the
average closing price for the 100 day period ended October 18,
2010.
“We believe this transaction provides excellent value to our
shareholders and expanded opportunity for our customers, employees,
and partners,” said Dave Marver, Cardiac Science president and
chief executive officer. “Our business will benefit greatly from
Opto Circuits’ financial resources, operational capabilities, and
global scale.”
“We are delighted to expand our presence in noninvasive
diagnostic monitoring through this acquisition and are excited to
enter the high-growth automated external defibrillation market,”
said Vinod Ramnani, Opto Circuits chairman and managing director.
“Cardiac Science has a strong reputation for innovative,
high-quality products and services. This transaction is expected to
open many new global markets for Cardiac Science’s products and
will greatly enhance Opto Circuits’ product offering and presence
in the United States.”
Piper Jaffray acted as financial advisor to Cardiac Science and
delivered a fairness opinion to Cardiac Science’s board of
directors. Perkins Coie LLP served as outside legal counsel to
Cardiac Science, while Quarles & Brady LLP served as outside
legal counsel to Opto Circuits.
About the Transaction
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