Medical device and equipment manufacturer Stryker Corp. will pay about $120 million to acquire Patient Safety Technologies Inc., which sells the bar code-enabled SurgiCount Safety-Sponge System to keep track of towels and sponges used in operations.
The cash transaction values Patient Safety Technologies stock at $2.22 per share. The stock closed on Dec. 30 at $1.48 on the Over-the-Counter Bulletin Board and then closed at $2.20 on Dec. 31 after the deal was announced in the morning. Still, numerous shareholder rights law firms are investigating if the price is too low and soliciting stockholders for a possible law suit. One law firm, San Diego-based Johnson & Weaver LLP, argues the stock traded as high as $2.36 in July 2013 and that an analyst gave it a target price of $2.50.
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