The story
Abbott Laboratories has completed its acquisition of Exact Sciences Corporation (NASDAQ:EXAS), with the transaction closing Monday. According to a statement based on an SEC filing, the merger was finalized through the combination of Exact and Badger Merger Sub I, Inc., a wholly owned subsidiary of Abbott. Following the merger, Exact Sciences is now a direct, wholly owned subsidiary of Abbott.
Under the terms of the agreement, each outstanding share of Exact Sciences common stock, except for dissenting and certain excluded shares, was converted into the right to receive $105.00 in cash, without interest and subject to applicable withholding taxes. The total merger consideration amounted to approximately $21 billion, funded by a mix of cash on hand and debt financing. This figure does not include additional amounts that may become payable upon conversion of certain outstanding convertible notes.The $105 per share acquisition price represents a significant premium for Exact Sciences shareholders, who saw the stock surge nearly 130% over the past year and double in value over the past six months. The company’s market capitalization stood at approximately $20 billion prior to the deal’s completion. While Exact Sciences posted a loss of $1.10 per share over the last twelve months on revenue of $3.25 billion, analysts had projected the company would turn profitable this year with earnings of $1.27 per share. According to InvestingPro analysis, the stock was trading above its Fair Value before the acquisition, though this becomes academic now that the merger has closed. For investors seeking similar opportunities, InvestingPro offers comprehensive analysis on over 1,400 US equities, including detailed Pro Research Reports that transform complex financial data into actionable intelligence.
https://www.investing.com/news/sec-filings/abbott-completes-21-billion-acquisition-of-exact-sciences-delisting-exas-from-nasdaq-93CH-4575370