Endocare Inc., an Irvine medical device maker, has received a $26.9 million unsolicited buyout offer from HealthTronics Inc. of Austin, Texas.
Endocare said in a statement that its board would review and consider the offer.
HealthTronics’ offer is 20% more than what Endocare’s was valued at before.
HealthTronics makes urology products, including prostate cancer treatment, and is looking to buy Endocare as part of a move to widen its treatment offerings.
Endocare focuses on cryoablation-based procedures, which use ice in surgeries to freeze and destroy cells within tissue and tumors.
The company “believes that its proposal to purchase Endocare’s outstanding shares represents a significant premium that reflects HealthTronics’ unique ability to better leverage Endocare’s technology and assets,” said James Whittenburg, HealthTronics’ chief executive.
Endocare narrowed its second-quarter loss to $2 million on a small revenue hike to $7.9 million.
Endocare shares were up some 5% at close of trading Friday with a market value of about $26 million.
HealthTronics was flat with a market value of about $130 million.
