FORT LAUDERDALE, Fla. (AP) -- Diabetes testing supplies maker Home Diagnostics Inc. said Wednesday it has agreed to be acquired by Nipro Corp., a medical device maker from Japan, for $215 million.
The companies said Nipro has offered $11.50 a share for Home Diagnostics shares, a 90 percent premium over Tuesday's closing price of $6.05.
Home Diagnostics' shares climbed 89 percent to $11.45 in premarket trading.
The proposed sale has already been approved by the boards of both companies, and shareholders who own about 15 percent of Home Diagnostics shares will tender their stock in support of the sale.
Nipro will begin a tender offer for Home Diagnostics shares starting around Feb. 10, the companies said.
The deal includes a $6.5 million termination fee if Home Diagnostics accepts another buyout offer from a different company.
The deal is also subject to regulatory review.
