Shares of Viking Systems Inc. (OTC: VKNG), a leading worldwide developer, manufacturer and marketer of 3D and 2D visualization solutions for complex minimally invasive surgery, surged in trading today.
VKNG shares ended the day 39.31% higher at $0.264 on above average volume of 12.39 million.
VKNG shares surged after the company agreed to be acquired by CONMED Corporation (NASDAQ: CNMD), a medical technology company.
CONMED and Viking Systems entered into a definitive agreement under which CNMD will acquire VKNG for $0.27 per share in an all cash transaction. The transaction represents a premium of 42% over VKNG’s closing price on August 13, 2012.
A wholly-owned subsidiary of CONMED will commence a tender offer to acquire all outstanding shares of VKNG for $0.27 per share. The transaction has been approved by the Board of Directors of both companies and is expected to be completed in the fourth quarter of 2012.
Commenting on the agreement, Jed Kennedy, President and CEO of Viking Systems, said that this is a significant milestone for Viking. Kennedy said that VKNG is excited to join together with CONMED, which shares its vision for 3D-HD surgical imaging and has an established reputation for innovation and excellent customer service.
Joseph J. Corasanti, President and CEO of CONMED, said that the Viking line of 3D-HD surgical video products represents a strategic addition to CNMD’s general surgical imaging franchise.
Shares of Cord Blood America Inc. (OTC: CBAI), a umbilical cord blood stem cell preservation company, saw a huge rally in trading today.
CBAI shares ended the day 25% higher at $0.0160 on above average volume of 13.07 million.
CBAI shares surged in trading today after the company announced that its revenue for the second quarter of 2012 rose 26% to $1.80 million. The company’s revenue for the first half of 2012 rose 16% to $3.36 million.
Joseph Vicente, President of Cord Blood America, said that the financial results CBAI issued today are a clear departure from the past. Vicente said that CBAI outlined previously that its number one priority was to be self-sufficient and the company can proudly say that during the quarter, it operated off its own cash. Vicente added that CBAI remains committed to eliminating its debt, seeking profitable revenue opportunities and eliminating wasteful expenditures.
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