“We have a uniquely complementary product portfolio with no real overlap. Syneron will also put “aesthetic practice consultants” into the field, she wrote, “with the goal of raising the industry standard for sales support and ensuring customers acquire the best solution for their current and long-term needs of their practice.” Syneron spokeswoman Catherine Kniker told MassDevice in an email that the merger will see each brand maintaining separate sales forces. “We believe these cost saving programs, which are already in place, will position the company to be profitable and the transaction to be accretive to earnings as the global economic environment strengthens,” Tenenbaum said. Syneron CFO Fabian Tenenbaum said the short-term focus will be on “achieving cost savings through synergies and reduced operating expenses at both companies.” Candela CEO Gerard Puorro will join Syneron’s board of directors and “other key executives from Candela” will join the management team, Scafuri said. Syneron CEO Louis Scafuri, who will become chief of the new combination, said the deal creates the world’s largest cosmetic medical device company. Effective today, its shares will be de-listed from the NASDAQ exchange and begin trading under Syneron’s ELOS ticker. Syneron’s North American headquarters will stay in Irvine, Calif., with Candela keeping its Wayland base and its subsidiary operations in Australia, France, Germany, Italy, Japan, Portugal, Spain and the United Kingdom. Yokneam, Israel-based Syneron said the deal will see Wayland, Mass.-based Candela become a subsidiary of the Israeli firm, maintaining both its brand and its Bay State operations. Syneron shares were trading at $10.84 around that time. 9, 2009, means Candela shareholders will receive 0.2911 Syneron shares for each share of Candela, or $2.84 per share, according to regulatory filings.Ĭandela shares were trading at $3.13 as of about 12:30 Jan. The consummation of the deal, first announced Sept. (NSDQ:CLZR), for $65 million, leaving its shareholders owning 80 percent of the company and former Candela owners with a 20 percent stake. (NSDQ:ELOS) closed a deal to snap up one of its main rivals, Candela Corp.
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