@ Mako Surgical’s $1.65B sale to Stryker closes | SEBIO

Mako Surgical’s $1.65B sale to Stryker closes

Posted by on Dec 23, 2013

DAVIE, FL. – Mako Surgical Corp. closed its $1.65 billion sale to Stryker Corp.

The surgical robot manufacturer (NASDAQ: MAKO) requested that its stock be delisted on Tuesday after notifying the Securities and Exchange Commission that the deal had closed. Mako Surgical shareholders received $30 per cash per share, which is a penny below its final trading price.

That represents an 86 percent premium over its trading price the day before the deal was announced.

Jeanine Guilfoyle, a spokeswoman forMichigan-based Stryker (NYSE: SYK), said the company is excited to welcome Mako Surgical’s 480 employees and it plans to keep its facilities in Florida, including its manufacturing plant.

In an SEC filing on Nov. 27, Stryker stated that it recognized the importance of having Mako Surgical’s employees, including its management, continue with the company after the acquisition, although Mako Surgical President and CEO Dr. Maurice R. Ferre will most likely leave shortly after the deal.

In 2011, Mako Surgical qualified for $360,000 in state and local incentives for creating at least 90 jobs over six years, as well as maintaining its current workforce.

Mako Surgical manufactures the Robotic Arm Interactive Orthopedic (RIO) system, which performs both knee replacement and hip replacement surgeries.

The biggest Mako Surgical shareholder is Dr. John G. Freund, of Skyline Venture Partners, with 2.93 million shares that fetched $87.8 million in the deal.

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