Directors of REN Corporation-USA approved a previously announced merger agreement with COBE Laboratories of Lakewood, Colo., the U.S. subsidiary of the Gambro Group, which is based in Lund, Sweden.
COBE, which currently owns 53% of REN common stock, will puchase the remaining shares for $20 each, in a cash transaction valued at $180 million.
Nashville, Tenn.-based REN, the nation's fourth-largest kidney dialysis company, owns and operates 68 dialysis centers and serves approximately 5,700 patients.
For the second quarter ended June 30, REN's revenues increased 35% to $42.9 million. Net income fell to $3.2 million, or 17 cents per share, from $6.1 million, or 32 cents per share in the year-ago quarter.
Its shares are traded on the NASDAQ trading system.
Gambro is an international healthcare concern that manufactures medical devices and provides healthcare services. It treats about 1,200 patients in 10 kidney dialysis clinics within Europe.