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Zoll Medical Offered $2.2 Billion To Sell to Japan’s Asahi Kasei

“TOKYO (Reuters) – Japan’s Asahi Kasei Corp will buy U.S. medical equipment maker Zoll Medical Corp for $2.21 billion as it looks to build a globally competitive healthcare business and reduce its reliance on its chemicals and fibers operations.

Asahi Kasei will buy Zoll in an agreed cash deal for $93 a share, a 24 percent premium to Zoll’s closing price on Friday, the two companies said in a joint statement. The deal is Asahi Kasei’s biggest acquisition by far.

The transaction, which adds to about $200 billion that Japanese firms have spent on overseas acquisitions in the past four years, is expected to close in the second quarter, the companies said. Asahi Kasei said it will finance the deal with loans.

Asahi Kasei derives more than half its sales from its chemicals and fibers businesses and almost a third from homes and construction materials. Combined, those businesses generate close to 90 percent of operating income….”

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