Shares of Oxford Immunotec Global (NASDAQ:OXFD) were skyrocketing 27.1% as of 12:05 p.m. EST on Thursday. The big jump came after PerkinElmer (NYSE:PKI) announced plans to acquire Oxford Immunotec for $591 million.
PerkinElmer offered $22 per share to buy Oxford, a 28% premium to the closing price of the healthcare stock on Jan. 5, and a 53.5% premium to Oxford’s volume-weighted average price over the 90 days leading up to that date.
This is obviously a big win for Oxford Immunotec shareholders. But what about for PerkinElmer? The big healthcare company will pick up Oxford’s tuberculosis tests, which fits in well with PerkinElmer’s lineup of infectious-disease testing solutions.
The deal won’t make a big splash with PerkinElmer’s financial performance right out of the gate, though. The company expects that its acquisition of Oxford Immunotec will be “modestly accretive” to adjusted earnings in the first year after the transaction closes. But PerkinElmer thinks that the sales growth from Oxford’s products will be greater than for its own diagnostics products.
There are still a few hoops to jump through for the acquisition to close. While both boards of directors have approved the buyout, the shareholders of Oxford Immunotec must also give their approval. In addition, PerkinElmer will need to obtain U.K. court approval. Assuming there are no roadblocks, the transaction should close in the first half of this year.
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