Shares of Intelligent Ultrasound Group PLC (AIM:MED) rose 12% after it agreed to be taken over by Surgical Science Sweden in an all-cash deal that values the business at 13p a share, or just over £45 million.
The offer represents a 17% premium over the previous day’s closing price and 31.1% above the average price over the past year.
Surgical Science, a medical simulation technology specialist, plans to integrate Intelligent Ultrasound’s simulation business to enhance its product portfolio.
The UK group's board has unanimously recommended the deal, which will be implemented through a court-sanctioned scheme of arrangement.
In morning trading IU's shares were changing hands for 12.5p each - just below the offer price.