Stryker to buy Wright Medical in deal at 52% premium to 30-day average
Shares of Wright Medical Group N.V.
rocketed 32% toward a 3-month high in premarket trading Monday, after the medical device company announced an agreement to be bought out by Stryker Corp. SYK, -1.62% in a deal valued at $5.4 billion, including debt. Styker's stock edged up 0.1%. Under terms of the deal, Stryker will pay $30.75 in cash for each Wright Medical share outstanding, representing a 40% premium to Friday's closing price of $22.01, and valuing Wright Medical at a market capitalization of $3.90 billion.
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