Cardiovascular Systems (NASDAQ:CSII) stock is rising higher on Thursday following news that Abbott (NYSE:ABT) intends to acquire the company.
This deal has Abbott offering to buy Cardiovascular Systems for $890 million. The deal sees the companies pricing shares of CSII stock at $20 each. For the record, that’s a roughly 50% premium over the stock’s closing price on Wednesday.
The board at Cardiovascular Systems and Abbott have both given their support to the deal. Now, it just needs approval from regulators as well as shareholders of CSII stock. Abbott expects the deal to be “neutral” to its 2023 guidance.
Lisa Earnhardt, Executive Vice President of Medical Devices at Abbott, said the following about the deal:
“The acquisition of CSI will add new, complementary technologies to Abbott’s leading vascular device offerings […] CSI has a talented and experienced team and a leading atherectomy system that will allow Abbott to provide physicians more tools to help patients live fuller lives.”
CSII Earnings News
Cardiovascular Systems also posted earnings for its fiscal second quarter of 2023 yesterday. That included diluted earnings per share of -20 cents on revenue of $61.5 million. Both of those figures missed Wall Street’s estimates of -15 cents per share and around $63 million in revenue.
Today’s news also has some 461,000 shares of CSII stock trading hands. That’s above its daily average trading volume of about 261,000 shares. CSII shares are also up 48.5% as of Thursday morning.
There’s more stock market news traders will want to know about below!
InvestorPlace has all that news ready to go for Thursday! Among that is what has shares of Hempacco (NASDAQ:HPCO) stock gaining, the biggest pre-market stock movers for Thursday and more. You can learn all about these matters at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
