SPNE stock price / OFIX stock price
My first impressions on day 1 of this announcement.
Orthofix+SeaSpine is a strange merger'ish type of acquisition (shades of the cashless Danek+Sofamor combination when Danek took control).
The motivation for the combination - OFIX needed product diversity and SPNE needed cash liquidity (just my opinion).
OFIX will be running the show as Jon Serbousek as the Board Chairman. All shareholders will end up with OFIX stock only.
Value of the deal is around $215M (the market cap of SPNE).
Global 2022 revenues of each are roughly $500M OFIX and $200M SPNE.
Stock exchange purchase. (SPNE stockholders will get OFIX stock pegged at 0.4163 shares sometime in 1Q2023 and who knows what the value of the OFIX stock will be at closing).
There will be a new company name TBD. Are they trying to rebrand Orthofix? Seaspine is a better name than Orthofix but Dallas is not by the sea.
New Board will consists of 5 seats OFIX, 4 seats SPNE.
What happens to all the trauma products? Orthofix started in Italy in 1980 with external fixators. Trauma is 25% of OFIX revenue today.
How will sales distribution be integrated in the US? This will be messy.
There wil...
