Sunday, December 03, 2006

Hit #132 (Rita Medical)

Rita Medical Systems (RITA) is being acquired by AngioDynamics for around $220 million. The actual terms of the deal are a bit complicated, but Rita shareholders will get around $4.7 per share in stock and cash. The offer is a small discount of 4.3% to my average cost of $4.91.

I have been holding Rita shares for a long time now. While a better price would be definitely welcome, the fact that Rita shareholders will get mostly AngioDynamics shares is a positive as AngioDynamics itself seems to be undervalued given its takeover appeal down the road.

Previous hit - Clear Channel (#131)


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