Irvine-based Micro Therapeutics Inc. said Monday that ev3 Inc., its majority shareholder, offered to buy the rest of the company for about $110 million.
Medical device maker ev3 owns 70% of Micro Therapeutics, which makes devices to treat blood vessel diseases.
Shares of Micro Therapeutics shot up 18% in trading Monday, closing at $7. Ev3’s shares fell nearly 7% to $16.
The offer represented a 33% premium over Micro Therapeutics closing price on Friday. The company said that an independent committee looking at the offer has said it’s prepared to recommend that its board approve the offer.
Ev3, which is based in Plymouth, Minn., and just went public earlier this summer, said that it would issue about 6.6 million shares of its common stock if the deal goes through.
Micro Therapeutics’ lead product, the Onyx system, received Food and Drug Administration approval in July. It treats diseased blood vessels in the brain.
