Moog buying Zevex International |
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Published
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Fri, 12 Jan 2007 23:01
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SALT LAKE CITY (AFX) - Medical device maker Zevex International Inc. said Friday aerospace and defense parts maker Moog Inc. plans to buy the company for $83.8 million.The buyout, valued at $13 per share, is expected to close in March. The purchase price represents a 36 percent premium to Zevex's average trading price over the last 30 days.Moog bought two medical-device makers in 2006: Curlin Medical and McKinley Medical.For the 12 months ending in September 2006, Zevex had sales of $41 million, up 53 percent over the year-ago period.Shares of Zevex rose 1 cent to close at $9.37 on the Nasdaq. Moog 'A' shares rose 92 cents, or 2.5 percent, to close at $37.85 per share on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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