Syneron Medical Agrees To Be Bought By Apax Partners For $397 Mln - Quick Facts

(RTTNews) - Syneron Medical Ltd. (ELOS), a non-surgical aesthetic device company, and private equity advisory firm Apax Partners announced Monday a definitive agreement.

Under the deal, an affiliate of funds advised by Apax Partners will acquire Syneron Medical, also known as Syneron Candela, for $11 per share in cash in a transaction valued at approximately $397 million.

In pre-market activity on Nasdaq, Syneron shares were gaining around 18.48 percent at $12.50.

The per share acquisition price represents a 15% premium to Syneron Candela's 90-day volume-weighted average closing price through March 31. It also represents a 33% premium to Syneron Candela's 90-day volume-weighted average closing price through February 10, the last trading day prior to media speculation of a transaction with funds advised by Apax.

The transaction is subject to customary closing conditions, including Syneron Candela shareholder approval and the receipt of certain regulatory approvals.

The Syneron Candela Board of Directors has unanimously approved the transaction. Subject to standard fiduciary obligations, Dr. Shimon Eckhouse, who owns 7.4% of the Company, has entered into a customary voting agreement pursuant to which he has agreed to vote all of his shares in favor of the transaction.

The merger agreement includes a "go-shop" period which ends on May 9, 2017. During this period, Syneron Candela, with the assistance of Barclays, will actively solicit, evaluate and potentially enter into negotiations with respect to alternative proposals from third parties.

Barclays is acting as exclusive financial advisor to Syneron Candela. J.P. Morgan is serving as financial advisor to Apax Partners.