Patient Safety Technologies To Be Acquired By Stryker In $120 Mln Deal

(RTTNews) - Patient Safety Technologies, Inc. (PSTX.OB) announced a definitive agreement to be acquired by Stryker Corp. (SYK) in an all cash transaction for $2.22 per common share, in a deal worth around $120 million, including estimated fees and expenses.

Brian E. Stewart, CEO of Patient Safety Technologies said the the combination would help drive its growth to the next level, enabling current and future users of the Safety-Sponge System to further improve the safety of their patients and reduce their costs of care. The transaction is expected to close in the first quarter of 2014.

The agreement was approved the Board of Directors of Patient Safety and the transaction is subject to customary closing conditions and the expiration of the Hart-Scott-Rodino Antitrust Improvements Act waiting period.