BUFORD, Ga.--(BUSINESS WIRE)--Theragenics Corporation (NYSE: TGX), a medical device company serving the surgical products and prostate cancer treatment markets, today confirmed that its Board of Directors has rejected a takeover proposal from Eckert & Ziegler Strahlen- und Medizintechnik AG (Reuters: EUZ.DE) of Berlin, either directly or through its subsidiary IBt Bebig (Reuters: IBTH.BR), saying it significantly undervalues the company.
The proposal from EUZ and its wholly owned subsidiary, IBt, would allow EUZ to acquire all outstanding shares of Theragenics’ stock at $2.20 per share.
“After careful and thorough evaluation, and with the assistance of our financial and legal advisors, our Board unanimously determined that the proposal grossly undervalues our business and prospects, and therefore is inadequate and not in the best interests of Theragenics and its stockholders,” said M. Christine Jacobs, Chairman and Chief Executive Officer. “We stated our position in our March 11 letter to EUZ, and nothing has changed.”
Theragenics Corporation (NYSE: TGX) operates two business segments: its surgical products business and its brachytherapy seed business. The surgical products business (www.cpmedical.com, www.galtmedical.com, www.needletech.com) manufactures and distributes wound closure, vascular access, and specialty needle products. Wound closure products include sutures, needles and other surgical products. Vascular access includes introducers, guidewires and related products. Specialty needles include coaxial, biopsy, spinal and disposable veress needles, access trocars, and other needle-based products. The surgical products segment serves a number of markets and applications, including, among other areas, interventional cardiology, interventional radiology, vascular surgery, orthopedics, plastic surgery, dental surgery, urology, veterinary medicine, pain management, endoscopy, and spinal surgery. The brachytherapy business manufactures and markets its premier product, the palladium-103 TheraSeed® device (www.theraseed.com) and I-Seed, an iodine-125 based device, which are used primarily in the minimally invasive treatment of localized prostate cancer. The terms "Company," "we," "us," or "our" mean Theragenics Corporation and all entities included in our consolidated financial statements. For additional information, call our Investor Relations Department at (800) 998-8479 or visit www.theragenics.com.
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding our business and prospects. Actual results may differ materially due to a variety of factors, including, among other things, unforeseen adjustments and revisions identified in connection with the completion of our audited financial statements and other factors set forth from time to time in our filings with the Securities and Exchange Commission. All forward looking statements and cautionary statements included in this document are made as of the date hereof based on information available to us as of the date hereof, and we assume no obligation to update any forward looking statement or cautionary statement.