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SenoRx Completes Sale To C. R. Bard - Update

(RTTNews) - SenoRx, Inc. (SENO), a manufacturer of devices used for the diagnosis and treatment of breast cancer, announced Tuesday the completion of its sale to medical device maker C. R. Bard, Inc. (BCR).

It was on May 5 that Bard agreed to buy SenoRx for about $200 million, net of cash acquired. SenoRx had said that the total value of the deal is about $213 million.

Under the terms of the merger agreement, SenoRx stockholders will receive $11 in cash for each share, a premium of about 14% over the closing price of SenoRx shares on May 4, 2010, the last trading day before the announcement of the deal. The per share price also represents a premium of about 41% over the average closing price of SenoRx shares during the 90 trading days ended May 4.

Following the deal closure, trading in SenoRx common shares was suspended before market open Tuesday. The trading will be ceased on NASDAQ at market close and will be delisted.

Separately, Bard said that SenoRx, following the acquisition, is part of Bard's Peripheral Vascular division.

Commenting on the deal, John Buhler, SenoRx President and Chief Executive Officer, said, "We are pleased to announce the closing of this transaction. We believe the merger represents a great opportunity for the combined companies to create product leadership by offering a broader range of high-quality breast care products to our customers."

In the transaction, Piper Jaffray & Co. served as exclusive financial advisor to SenoRx, and Wilson Sonsini Goodrich & Rosati, P.C. served as counsel.

SENO closed its trading on Friday at $11, up $0.01, on a volume of 144,200 shares.

BCR is currently trading at $76.94, up $0.46 or 0.60%, on a volume of 19 thousand shares.