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Theragenics accepts Juniper bid worth $2.20/share

NEW YORK (AP) -- Medical device company Theragenics Corp. said Monday it accepted a buyout offer from Juniper Investment Co. worth $2.20 per share, valuing Theragenics at $68.3 million.

The companies said Theragenics can solicit other bids through Sept. 6. The deal, struck after several months of talks, is subject to approval from Theragenics shareholders, and they expect the sale to close during the fourth quarter.

Chairman, CEO and President Christine Jacobs will retire from Theragenics when the deal closes, and Theragenics Chief Financial Officer Frank Tarallo will become CEO.

Juniper is one of Theragenics' largest shareholders. The New York-based private equity firm was founded in 2007 and invests in a range of industries. According to FactSet it has a 7.1-percent stake in the Buford, Ga., company.

Juniper offered to buy Theragenics for between $2.05 and $2.10 per share on May 9. That represented a premium of 38 to 41 percent from the latest closing price of Theragenics shares. On May 13 Juniper raised its offer to a range of $2.25 to $2.30 per share.

Shares of Theragenics rose 17 cents, or 8.4 percent, to $2.19 in midday trading, its highest level since March 2011.