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Why Intersect ENT Shot 12% Higher on Friday

TheMotleyFool

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Why Intersect ENT Shot 12% Higher on FridayPhoto, wide shot, wide-angle lens, Clinical research organization, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.theapi.app/temp/0e9d087d-988e-4397-b7cf-6049e2776769.png

Intersect ENT (NASDAQ: XENT), a medical device maker specializing in technology for the ear, nose, and throat segment, had a memorable Friday. On the same day it delivered its latest quarterly results, a peer announced it was acquiring the company.

That peer is medical device giant Medtronic (NYSE: MDT), which has signed a definitive agreement to purchase Intersect ENT for $28.25 per share in a deal with an enterprise value estimated at around $1.1 billion. The news comes less than a month after it was revealed that Medtronic had made a formal buyout offer.

That per-share price is 15% higher than Intersect ENT's closing level on Thursday, hence Friday's price leap.

Source Fool.com

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