Varian Medical Systems, which makes equipment for performing radiosurgery, proton therapy and similar procedures, said it is planning to submit an offer to acquire Germany-based MeVis Medical Solutions.
Publicly traded Varian will launch a public tender offer at 17.50 euros per share ($21.48 at the current exchange rate) to acquire MeVis at a purchase price of 30 million euros ($36.8 million). Palo Alto, Calif.-based Varian will execute the deal through its German subsidiary, VMS Deutschland Holdings.
The offer represents a 16% premium over MeVis’ average share price over the past six months, according to a Varian release. At least 75% of shareholders must accept the offer, but Varian said it already has commitments from a number of major investors who hold more than 70% of MeVis’ shares.
MeVis develops software that can analyze image data from cancer screenings. The company markets its software to imaging equipment makers. About 10,000 clinics have purchased its breast-cancer screening software, according to the release.
The buy will complement Varian’s own imaging components business, which makes products such as X-ray tubes, flat-panel detectors and imaging processing software.
Varian plans to file its tender document with German regulators in mid-January and commence the offering as soon as it receives approval. It expects to complete the acquisition in April.
Follow Beth Kutscher on Twitter: @MHbkutscher
