Entellus Medical Inc (NASDAQ: ENTL) is having an incredibly strong start to the trading session this morning after acquisition news hit the tape. Of course, the news of the acquisition caused excitement among investors who sent the stock screaming for the top. Today, we’ll talk about the acquisition, what we’re seeing from ENTL as a result, and what we’ll be watching for ahead.
ENTL To Be Acquired By SYK
As mentioned above, Entellus Medical is having an overwhelmingly strong start to the trading session this morning after the company announced that it would soon be acquired. In a definitive merger agreement that was announced today, Stryker Corporation (NYSE: SYK) agreed to buy the company at a price of approximately $662 million. In a statement, Robert White, CEO at ENTL, had the following to offer:
“The combination of Stryker’s established commitment to making healthcare better and Entellus’ innovative products within the ENT segment will continue to provide our customers the tools they need for cost effective solutions… I look forward to the additionally progress we will make together.”
How The Stock Reacted to The News
As investors, one of the first things that we learn is that the news moves the market. This proved to be a prime example of that as the stock soared! Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:33), ENTL is trading at $23.82 per share after a gain of $7.81 per share or 48.75% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on the SYK acquisition of ENTL. Of course, as with any acquisition, this one is still subject to customary closing conditions. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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