The merger of IDB Holding Corp. Ltd. (TASE:IDBH) unit Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) with Ireland's Covidien plc (NYSE: COV) has been approved by Given Imaging's shareholders and by the Antitrust Authority.
The merger will be closed by the end of February 2014.
Covidien acquired all of Given Imaging's shares at $30 per share, giving a valuation of $970 million, fully diluted (about $860 million excluding Given Imaging's cash).
Given Imaging, run by CEO Homi Shamir, has developed the PillCam endoscopic camera for the gastrointestinal tract. The company began at Rafael Advanced Defense Systems Ltd., which converts military technology to civilian use through subsidiary Rafael Development Corporation. Given Imaging's technology is one of these developments.
In the past few years, Given Imaging seen as an example of an Israeli medical devices company that has "made it"; it succeeded in independently bringing products from the development to the marketing stage. The company went public on Nasdaq in 2001 and dual listed on the Tel Aviv Stock Exchange (TASE) in 2004.
Published by Globes [online], Israel business news - www.globes-online.com - on January 26, 2014
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