Stryker Corporation (SYK: News ) agreed to acquire all of the common stock of Orthovita Inc. (VITA: News ) for $3.85 per share in cash, representing a total value of around $316 million.
Pursuant to the terms of the merger deal, Stryker would commence an all-cash tender offer to purchase all of the outstanding common stock of Orthovita for $3.85 per share within 10 business days. The tender offer is expected to be completed in the second quarter of 2011. Following the tender offer, Stryker would acquire the remaining outstanding shares of Orthovita common shares through a second step merger, Orthovita said.
