Apteryx Imaging to be acquired by Planet DDS

2013 05 01 15 48 01 705 Hands Shaking Deal 200

Dental imaging technology developer Apteryx Imaging has agreed to be acquired by partner PDDS Buyer (Planet DDS) in an all-cash deal valued at $39 million Canadian (roughly $28.7 million U.S.).

A portfolio company of Level Equity Management, Planet DDS has been a distribution partner for Apteryx's XVWeb software platform for several years, according to Apteryx. Apteryx Executive Chairman Avi Naider said in a statement that the deal will provide the capital, management, and focus to optimize the firm's growth and performance, as well as offer compelling shareholder value.

The acquisition offer represents a 105.6% premium to the company's volume-weighted average share price over the last 10 days and an 89.5% premium for the last 12 months, Apteryx said. The deal is subject to shareholder approval, as well as securityholder, court, and other approvals and satisfaction of other closing conditions.

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