Benchmark Reports On CRY Intentions To Acquire CGCP

Benchmark has issued a report following Cryolife's CRY intentions to acquire Cardiogenesis. According to Benchmark, “CryoLife announced its intention to acquire Cardiogenesis Corporation (CGCP.PK) for approximately $22 million in cash. The acquisition represents a 43% premium to Cardiogenesis' March 28 closing price. The Company's officers and directors have agreed to tender their stock, representing 2.7% of voting shares, in a tender offer that is planned to begin on approximately April 4 and last approximately 20 days. CryoLife forecasts if the transaction closes in May, Cardiogenesis will contribute approximately $4-$5 million of revenue and be break-even to slightly earnings accretive for the full year.” CRY has a Buy Rating and a $7 PT. CRY closed at $5.63 a share yesterday.