Intermagnetics Offers to Buy Invivo for $140 Million

In a move to diversify its customer base and increase sales, Intermagnetics General Corp. (Latham, NY, USA) has offered to acquire all of the outstanding shares of stock of Invivo Corp. (Pleasanton, CA, USA) for about U.S.$140 million.

Invivo designs, manufactures, and markets monitoring systems that measure and display vital signs of patients in medical settings, particularly in a very high magnetic field environment within magnetic resonance imaging (MRI) suites. The monitors track and report on patient vital signs during MRI procedures. Intermagnetics manufactures and markets MRI products mainly to MRI system integrators, while Invivo sells primarily to direct end users. Intermagnetics believes that the company could leverage Invivo's well-established global sales and service channels to provide incremental revenue opportunities for its existing radio frequency (RF) coil business.

"We have extended multiple invitations to Invivo's CEO and its board to meet with us to discuss our proposal and negotiate a mutually acceptable transaction,” said Glenn H. Epstein, chairman and CEO of Intermagnetics. "We are disappointed that they have repeatedly failed to respond meaningfully to our overtures. Because this is a transaction that provides Invivo's stockholders with an opportunity to realize immediate financial gain and liquidity, we believe we had no alternative but to make our proposal public.”




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