September 08, 2021 | Health Care | North America | Ended

Hill-Rom Holdings / Baxter: New Deal Insights

US medical product and device company Baxter announced on 2-Sep-21 that it would acquire rival Hillrom, a medical equipment and technology manufacturer known for its ‘connected’ hospital beds. Baxter will pay $156 per share, representing an equity value of $10.5bn and a total enterprise value of about $12.4bn. Hillrom will continue and is permitted to pay its shareholders regular quarterly dividends as long as each of these do not exceed $0.24 per share. The price implies a 26% one-day takeover premium to Hillrom’s undisturbed price over a month earlier, on 27-Jul-21 – the day before Bloomberg reported that an initial takeover approach from Baxter had been rejected. Baxter reportedly ...

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