Alphatec to acquire EOS Imaging for $117m

On December 17th 2020, the Board of Directors at EOS Imaging approved the execution of a
new tender offer agreement with Alphatec Holdings Inc (Nasdaq: ATEC), following the cancellation of a previous offer earlier in 2020. Alphatec referenced the ongoing impact of the Coronavirus pandemic as a material factor behind this cancellation. The renewed offer involves ATEC acquiring all outstanding EOS shares at a price of EUR 2.45 per share. It also includes the purchase of all OCEANEs issued by EOS.

This price reflects a premium of 41% on EOS’ share price as of market close on December 16, 2020 and of 43%, 56%, and 63% over the volume-weighted average share price of EOS over the last one, three and six month(s), respectively, preceding this date.

In total, the transaction would be worth approximately $117m to EOS shareholders based on a purchase price of $79.7m, plus the retirement debt of $37.2m, in an all-cash transaction.