M&A Recap: SRI Surgical Express Takes the MONEY Train, American Greetings GROWS
SRI Surgical Express (NASDAQ:STRC) will be acquired by United Kingdom firm Synergy Health for $3.70 per share in a tender offer. The transaction should close by July 16th.
Black Diamond (NASDAQ:BDE) intends to purchase POC Sweden in a transaction that could reach $56 million if incentive payments should be included. Benefits of the acquisition to Black Diamond include new lines of protective sports gear.
American Greetings (NYSE:AM) snaps up the bankrupt U.K. retailer Clinton Cards, in an arrangement that will involve some 397 outlets which bring $315 million in yearly revenue. For a price tag of $37 million, AM will not only acquire the company, for which it has been the largest supplier and a lender, but it will also save 4,500 jobs. The situation for Clinton became untenable when it entered administration, as it couldn’t repay a £35 million ($54.1 million) loan to American Greetings.
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