UTICA, N.Y. (AP) -- Conmed Corp. plans to buy Viking Systems Inc., which makes high-definition surgical video products, in a deal valued at around $20 million.
Conmed, a Utica, N.Y.-based surgical equipment maker, said Tuesday it will pay 27 cents in cash for each share of Viking Systems. That represents a 42 percent premium over the Aug. 13 closing price of 19 cents for Viking stock, which is traded over the counter.
Viking had about 72.5 million shares outstanding as of April 30, which places the deal price at $19.6 million. Conmed said the total adds up to about $22.5 million when including in-the-money stock options and warrants.
Viking, which is headquartered in Westborough, Mass., makes a three-dimensional vision system used in urologic, gynecologic and cardiac procedures, among other surgeries.
The boards of directors for both companies have approved the deal, which is expected to close in the fourth quarter.