“FRANKFURT (Reuters) – Germany’s Bayer AG has agreed to buy U.S. contraceptive devices makerConceptus for $1.1 billion, aiming to underpin its position as the world’s largest women’s healthcare provider,
Bayer, whose shares were down 2.3 percent by 0823 GMT, will launch a public tender offer to acquire all Conceptus shares for $31.00 each in cash, in an offer agreed with Conceptus’s management, Bayer said on Monday.
That is a premium of 19.7 percent over the stock’s closing price on Friday and a multiple of about 30 times the adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) that Conceptus is targeting for this year.
Shares in global healthcare equipment and services companies on average trade at 9 times annual EBITDA, according to Thomson Reuters StarMine…..”
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