M&A · Healthcare · Surgical & Medical Instruments & Apparatus
Abbott Laboratories to acquire Cardiovascular Systems Inc
Announced Feb 8, 2023 · Closed Apr 27, 2023
Deal value$890MEV $830M
Premium47.3%To unaffected price
EV / Adj. EBITDA—3.5x EV / Revenue
ConsiderationNot disclosed$20.00 per share
Transaction
- Acquirer
- Abbott Laboratories (ABT)
- Target
- Cardiovascular Systems Inc
- Buyer type
- Strategic
- Offer price per share
- $20.00
- Enterprise value
- $830M
- Status
- Closed Apr 27, 2023
Deal protections
- Break fee (target pays)
- $26.5M · 3.0%
- Reverse fee (buyer pays)
- $26.5M · 3.0%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan
- JPMorgan fee
- $15.5M
Sector context · Healthcare
- Comparable deals
- 76 in the prior 24 months
- Premium
- 47.3% vs. 47.9% sector median
- EV / Adj. EBITDA
- Sector median 20.4x
- Break fee
- 3.0% vs. 3.5% sector median
Timeline
- AnnouncedFeb 8, 2023
- Proxy filedMar 13, 2023
- Definitive proxyMar 23, 2023
- Shareholder voteApr 27, 2023
- ClosedApr 27, 2023
Valuation · fairness opinions
Trading comparables$13.75$24.75
Precedent transactions$19.00$31.75
Discounted cash flow$17.00$25.00
Offer $20.00
Implied value per Cardiovascular Systems Inc share by analysis, from JPMorgan · DCF discount rate 10.5%–12.5%.