Dentsply, Sirona ink $5.6B, all-stock merger-of-equals

Dentsply International (NSDQ:XRAY) and Sirona Dental Systems (NSDQ:SIRO) yesterday said they plan to merge in an all-stock union of equals worth about $5.56 billion, creating the world’s largest dental equipment maker. The deal calls for Sirona shareholders to receive 1.8142 XRAY shares for each SIRO share they own. At roughly $98.06 apiece, that’s about a 0.7% discount on Sirona’s $99.31 closing price yesterday. The stock slid -4.3% to $95 even in pre-market activity today; XRAY shares were down -3.4% to $52.48 before the bell today. The combined company, Dentsply Sirona, is slated to trade on the NASDAQ exchange under the XRAY symbol after the deal’s expected close during the 1st quarter next year, the companies said. At that point Dentsply shareholders will own 58% of the new entity, with Sirona shareholders owning the rest. Dentsply Sirona’s global headquarters will be in York, Pa., with international HQ in Salzburg, Austria, they said. Sirona president & CEO Jeffrey Slovin was named CEO of the new dental giant, with Dentsply chairman & CEO Bret Wise as executive chairman. Dentsply president & CFO Christopher Clark was named president & COO, Technologies, with executive VP & COO James Mosch as president & COO of dental & healthcare consumables. Sirona’s CFO, Ulrich Michel, was tapped for executive vice president & CFO at Dentsply Sirona. “We are excited about bringing together 2 indu...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Dental Mergers & Acquisitions Wall Street Beat Dentsply International Inc. Sirona Source Type: news