Silk Road Medical Shares Surge Premarket on Boston Scientific Deal
Provided by
Dow Jones
By Colin Kellaher
Shares of Silk Road Medical rose sharply in premarket trading Tuesday after the medical-device maker agreed to be acquired by larger peer Boston Scientific for about $1.26 billion.
Boston Scientific is paying $27.50 a share in cash for Silk Road, a 27% premium to Monday's closing price of $21.67 for the Sunnyvale, Calif., company.
Silk Road shares were recently changing hands at $26.60, up nearly 23%, in premarket trading.
The deal, which carries an enterprise value of about $1.16 billion including Silk Road's cash position, is slated to close by the end of the year.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 18, 2024 07:41 ET (11:41 GMT)
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