UPDATE: Bard to Purchase Rochester Medical at $20/Share, or ~$262M Deal

Rochester Medical Corporation

today announced it has entered into a definitive merger agreement with C. R. Bard, Inc.

at a price of $20 per share, or approximately $262 million in the aggregate. The Rochester Medical Board of Directors unanimously approved the agreement and will recommend that the Company's shareholders approve the transaction. Under the terms of the merger agreement, Rochester Medical shareholders will receive $20 in cash for each share that they hold at the closing of the merger, representing a 37 percent premium over the Company's average closing price during the 90 trading days ended September 3, 2013. The acquisition is subject to certain closing conditions specified in the definitive agreement, including regulatory approvals and the approval of Rochester Medical's shareholders. The transaction is expected to close in the fourth calendar quarter of 2013.