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 upon its assessment, ATEC concluded that a “Material Adverse Effect” (as defined in the TOA) has occurred, resulting in circumstances that are no longer conducive to completion of the transaction described in the TOA. ATEC notified EOS of its termination decision, as required by the TOA, in a letter dated April 24, 2020.
“This has been a difficult, disappointing decision,” said Pat Miles, ATEC’s Chairman and Chief Executive Officer. “Both companies have worked so hard and so cooperatively, over many months, to bring this transaction together. On behalf of the entire ATEC Family, I want to persona...
