By Colin Kellaher
Shares of Silk Road Medical rose sharply in premarket trading Tuesday after the medical-device maker agreed to be acquired by larger peer Boston Scientific for about $1.26 billion.
Boston Scientific is paying $27.50 a share in cash for Silk Road, a 27% premium to Monday's closing price of $21.67 for the Sunnyvale, Calif., company.
Silk Road shares were recently changing hands at $26.60, up nearly 23%, in premarket trading.
The deal, which carries an enterprise value of about $1.16 billion including Silk Road's cash position, is slated to close by the end of the year.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
06-18-24 0741ET