The Canadian Press
OTTAWA - Nordion Inc. (TSX:NDN) was the most heavily traded company on the Toronto Stock Exchange at midday Monday, following a friendly US$727-million takeover offer for the health sciences company.
The stock was up about 10 per cent or $1.23 at C$12.75 with nearly five million shares exchanged by noon. That was up from $11.52, before the deal was announced after the close of markets Friday.
Sterigenics, an affiliate of Chicago-based private equity firm GTCR LLC, has offered of US$11.75 per share cash for each Nordion share.
Nordion is one of the world's leading suppliers of medical isotopes, used for certain types of medical imaging. It also provides sterilization technologies.
The sale follows a strategic review by the company that began in January 2013. Nordion will remain as a standalone company within Sterigenics and continue to operate under the Nordion name.
Some of the money to fund the transaction will come from Nordion, which has about US$319.5 million of cash and equivalents, worth US$5.16 per share.