Theragenics Corp. (TGX) today confirmed that its Board of Directors has rejected a takeover proposal from Eckert & Ziegler Strahlen- und Medizintechnik AG of Berlin, either directly or through its subsidiary IBt Bebig, 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, Theragenic’s Chairman and Chief Executive Officer. “We stated our position in our March 11 letter to EUZ, and nothing has changed.”
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