Alphatec backs out on EOS acquisition citing “material adverse effect”

ATEC Terminates Agreement to Acquire EOS Imaging (press release)
Alphatec Holdings, Inc. (“ATEC” or the “Company”) (Nasdaq: ATEC), a medical device company dedicated to revolutionizing the approach to spine surgery, announced today that it has terminated the Tender Offer Agreement (“TOA”), dated February 26, 2020, under which it was to acquire EOS Imaging, SA (“EOS”), for up to $88 million, plus debt retirement of $33.9 million, in a combination of cash and equity.
This decision follows ATEC’s consideration and analysis of the expected ongoing market effects of the COVID-19 pandemic. Based...