July 20, 2023 | Health Care | North America | Ended

NuVasive / Globus Medical: Deal Insights

We are picking up coverage of Globus Medical's definitive and pending all-stock acquisition of its medical device rival, NuVasive, announced on 9-Feb-23. The merger exchange ratio is 0.75 Globus shares for each NuVasive share and, at announcement, this valued the target at $57.52 per share. Since then, Globus shares have declined by -20.3%, bringing the current value to $46.01 per NuVasive share. Shareholder votes were secured at respective shareholder meetings on 27-Apr-23, and the main catalyst and the only pending condition to closing is HSR clearance. HSR was filed on 3-Mar-23, was pulled-and-refiled on 3-Apr-23, and on 3-May-23, the FTC issued a second request. This caused the gross risk arbitrage spread to widen from ...

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