IRVINE, Calif. (AP) -- Medical device maker Endocare Inc. said Wednesday it is rejecting a buyout bid from urology product maker HealthTronics Inc. because the $26.9 million offer is inadequate.
Endocare said its board unanimously rejected the all-cash bid, worth $2.28 per share, which was made after the market closed on Thursday. Austin, Texas-based HealthTronics offered a 20 percent premium to Endo's most recent closing price in an attempt to widen its product range.
Endocare shares closed at $2.25 Tuesday, up from $2.05 before HealthTronics made its offer. They have traded between $1.79 and $10 over the last year. HealthTronics stock finished at $3.70 on Tuesday.
Calls seeking comment from HealthTronics were not immediately returned.