Danaher Offers To Buy Nobel Biocare For $2.2 Bln

(RTTNews) - Danaher Corp. (DHR), a science and technology company, Monday said it has entered into a definitive agreement to acquire Nobel Biocare Holding AG (NBHGF.PK) in an all-cash deal valued about $2.2 billion. The acquisition is expected to widen Danaher's presence in the dental industry.

The offer represents a premium of around 23 percent to Nobel Biocare's closing price on July 28, the day before market speculation began regarding a potential sale of the company. It is expected to be completed in late 2014 or early 2015.

Under the terms of the agreement, Danaher will commence a voluntary all-cash public tender offer of 17.10 Swiss francs per Nobel Biocare share to purchase all of Nobel Biocare's publicly held registered shares. The offer period is expected to start on or around October 16.

Zurich, Switzerland-based Nobel Biocare is a world leader and pioneer in the field of innovative implant-based dental restorations. It currently serves customers in 80 markets globally.

The company's portfolio includes dental implant systems, high-precision individualized prosthetics, biomaterials and digital diagnostics, treatment planning and guided surgery.

In 2013, Nobel Biocare had generated annual revenues of 567 million euros, or about $750 million based on 2013 calendar year-end exchange rates.

Nobel Biocare will become part of Danaher's $2.2 billion Dental segment and will complement the company's position in the implant industry.

Henk van Duijnhoven, Senior Vice President of Danaher's Dental segment, said, "... Bringing Nobel Biocare's deep expertise in implant dentistry, digital prosthetics and software together with our extensive knowledge in 3D imaging, intraoral scanning and digital restorative solutions will further enable us to optimize clinical workflows to the benefit of patients and dental practitioners. This combination will help us build a strong platform for future growth."

The board of directors of Nobel Biocare has recommended that its shareholders accept and tender their shares into the offer.

The offer is subject to customary conditions, including tender of 67 percent of the outstanding shares into the offer.

The deal comes shortly after Danaher's new chief executive officer assumed office. On September 2, the firm had said it appointed Thomas Joyce, Jr. as President and Chief Executive Officer, effective September 9.

The company in April had announced the retirement plans of Lawrence Culp, Jr. as president and chief executive officer in March 1, 2015.

DHR settled at $76.88 on the NYSE on Friday. Nobel closed down 0.6 percent at 18.10 francs.