and Morrison & Foerster LLP are serving as legal advisors. Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co. Syneron Candela does not intend to disclose developments about this process unless and until its board has made a decision with respect to any potential superior proposal.īarclays is acting as exclusive financial advisor to Syneron Candela. There can be no assurance that this process will result in receipt of a superior offer or that any other transactions may be approved or consummated.
During this period, Syneron Candela, with the assistance of Barclays, will actively solicit, evaluate and potentially enter into negotiations with respect to alternative proposals from third parties. The merger agreement includes a “go-shop” period which ends on May 9, 2017. There are no financing conditions associated with the transaction. Shimon Eckhouse, who owns 7.4% of the Company, has entered into a customary voting agreement pursuant to which he has agreed to vote all of his shares in favor of the transaction. Subject to standard fiduciary obligations, Dr. The Syneron Candela Board of Directors has unanimously approved the transaction. The transaction is subject to customary closing conditions, including Syneron Candela shareholder approval and the receipt of certain regulatory approvals. We are looking forward to partnering with the Syneron Candela team to continue its strong growth trajectory, and to seeing the even greater benefits it can deliver for customers and patients”. Syneron Candela is very well positioned to capture this opportunity, with its highly diversified geographic footprint, broad and market-leading products portfolio, exceptional R&D capabilities and cutting-edge technology. Steven Dyson, Partner and Co-Head of Healthcare at Apax Partners, commented: “We have identified the medical aesthetics market as a highly attractive investment area given its long-term growth prospects. Shimon Eckhouse, the co- founder and Chairman of Syneron Candela. I also believe that this transaction represents a positive outcome for our shareholders,” said Dr. We are confident that Apax will add significant value and expertise as Syneron Candela executes on its growth strategy while delivering innovative technologies to our customers and patients. These exceptional assets are a result of the many years of hard work of our skillful and dedicated employees all over the world. “This acquisition is a strong recognition of Syneron Candela’s leadership in the aesthetic medical device market, its leading world-class technology and unique global footprint. The per share acquisition price represents a 15% premium to Syneron Candela’s 90-day volume-weighted average closing price through March 31, 2017, and a 33% premium to Syneron Candela’s 90-day volume-weighted average closing price through February 10, 2017, the last trading day prior to media speculation of a transaction with funds advised by Apax. (NASDAQ: ELOS), a leading global non-surgical aesthetic device company, and Apax Partners, a leading global private equity advisory firm, today announced a definitive agreement under which an affiliate of funds advised by Apax Partners will acquire all of the outstanding shares of Syneron Candela for $11.00 per share in cash in a transaction valued at approximately $397 million. Irvine, CA and London, Ap– Syneron Medical Ltd.
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