Siemens Medical Solutions To Acquire CTI Molecular Imaging, Inc. (CTMI).; Acquisition Expands Molecular Imaging Competencies Of Siemens Medical Solutions
10/19/2005 5:13:03 PM
HOFFMAN ESTATES, Ill., & KNOXVILLE, Tenn.--(BUSINESS WIRE)--March 18, 2005--Siemens and CTI Molecular Imaging, Inc. (Nasdaq:CTMI) announced today that they have entered into a merger agreement under which Siemens will acquire CTI. The acquisition will include all the businesses of CTI Molecular Imaging, Inc., including CTI PET Systems, PETNET Solutions, CTI Mirada Solutions, CTI Molecular Technologies and CTI Concorde Microsystems.
Under the terms of the agreement, Siemens Medical Solutions USA, Inc., will commence a cash tender offer within ten business days to acquire all of the outstanding shares of CTI stock at a price of $20.50 per share. Following the completion of the tender offer, any remaining shares of CTI stock will be acquired in a merger at the same price per share. The board of directors of each company has approved the agreement. The transaction is subject to customary regulatory approvals and other customary closing conditions, and is expected to close in the second quarter of 2005. The transaction has a value of approximately $1 billion.
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