Medical equipment company Young Innovations (Nasdaq: YDNT ) announced in a press release today that it has agreed to be purchased by private-equity firm Linden Capital Partners after a unanimous vote by its board of directors. If shareholders approve the $314 million deal, it's expected that Linden will close with Young Innovations in 2013's first quarter, turning the latter into a fully owned private company under Linden.
Young may still look for other acquisition alternatives until Jan. 12, 2013, and the company says it will indeed consider such proposals.
Young's CEO, Alfred E. Brennan, and president, Arthur Herbst, sounded optimistic in the release, saying the acquisition "reflects the strength of Young's brands, strong customer relationships, and many years of successful growth in sales and earnings." They continued: "Linden has a proven record of creating value in successful companies in health care and life science sectors and will enable the Company to further grow our business."
Current shareholders will receive $39.50 per share as part of the deal, a premium of more than 12% over the stock's 30-day closing price average. Shares of Young jumped today, exceeding that $39.50 mark and posting gains of more than 9%.