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Monday, October 22, 2012

Fuji in talks to buy Given Imaging

Medical technology company’s owner, Nochi Dankner, seeks deal based on $1 billion market cap, but will likely have to settle for $750 million

Fujifilm Holdings Corporation is the key negotiator for the acquisition of Israeli medical technology company Given Imaging from IDB.
Given reported on Thursday that it was in early stages of talks over its acquisition for a price that reflects a $750 million market cap for Given – 34% higher than its value on NASDAQ, Calcalist has learned.
Given’s shares catapulted by 20% following the company’s announcement Thursday.
Nochi Dankner, who owns the controlling interest in Given, tried to obtain a deal at a value of over $1 billion, but will have to settle for less in light of the company’s pressing need for cash.
The acquisition of Given will be held through a tender offer led by Barclays Bank. The tender envelopes were opened about 10 days ago.

Americans bid less

Calcalist has learned that negotiations are well underway and that the owners of Given’s controlling interest wish to wrap up talks before the end of the year.
Two other companies, American corporations Johnson & Johnson and Stryker, planned to bid as well but were unwilling to offer the price Fujifilm agreed to.
Given develops a capsule endoscopy technology based on methods created by defense systems developer RAFAEL. Given received FDA and CE approval to market the capsule used for the detection of small intestine abnormalities.
The company is in preparations to file for FDA approval of its capsule for the detection of large intestine polyps, having filed for approval with the Japanese Pharmaceutical and Medical Devices Agency in September 2012.