Asensus Surgical Agrees to Enter Diligence After Takeover Offer

Dow Jones04-03

By Will Feuer

Asensus Surgical said it has entered into a non-binding letter of intent with Karl Storz, medical-technology company, to engage in diligence and negotiations regarding a takeover offer.

Karl Storz has offered to buy Asensus for 35 cents a share, representing a nearly 67% premium to the closing price of Asensus stock on Tuesday. Karl Storz has said the offer is its best and final offer, according to Asensus.

Asensus said it has agreed to enter an exclusivity period of up to 10 weeks, during which Karl Storz can conduct diligence and the companies can negotiate a definitive deal. Both companies, though, are still able to terminate the deal.

Karl Storz has also agreed to lend Asensus $20 million to support operations during the exclusivity period and through the closing of any potential deal.

Asensus is a medical device company focused on what it describes as performance-guided surgery.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

April 03, 2024 09:16 ET (13:16 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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