Nipro seeks to buy Home Diagnostics for $215M
Nipro, a medical device and pharmaceutical manufacturer, has begun a cash tender offer of approximately $215 million to purchase Fort Lauderdale, Fla.-based Home Diagnostics.

Home Diagnostics develops and markets diabetes management products, including blood glucose monitoring systems.

The purchaser, Nippon Product Acquisition, a subsidiary of Nipro, has initiated the offer after a merger agreement between Nipro and Home Diagnostics took place Feb. 2.

Upon completion, shareholders from Home Diagnostics would receive $11.50 per share without the requirement to withhold taxes or add interest. Other results of the merger would include Home Diagnostics becoming a wholly-owned subsidiary of Nipro, according to Osaka, Japan-based Nipro.

According to Nipro, it has filed a tender offer statement with the Securities and Exchange Commission (SEC). In addition, Home Diagnostics has filed a solicitation/recommendation statement with the SEC which included recommendations from its board of directors that its stockholders accept the tender offer and tender shares to the purchaser. Also, a stockholder agreement between the directors of Home Diagnostics and Nippon took place where Home Diagnostics agreed to tender its shares to the tender offer.

The company said that the offer will expire on March 11, unless otherwise extended in terms of regulations by the SEC.