Covidien To Buy Oridion Systems For $23/Share

Oridion Systems Ltd

agreed to be bought by Covidien PLC

for around $300 million in cash. Covidien will pay $23 per Oridion share, representing a 72% premium to Oridion's closing price of $13.40 on Wednesday. The deal is expected to close in the second quarter. Oridion shares closed at $13.40 yesterday, while COV shares closed at $53.82 yesterday.