C. R. Bard Inc. has agreed to buy silicone medical products maker Rochester Medical Inc., for about $262 million.
The all-cash deal is at $20 per share, and it is expected to closes in the fourth quarter of 2013. The transaction is structured as a merger and has been approved by each company's board of directors.
Stewartsville, Minn.-based Rochester Medical makes silicone urinary incontinence and urine drainage products. The company has two manufacturing plants, both in Stewartsville.
Murray Hill, N.J.-based Bard said the acquisition is a compelling and strategic fit for it and greatly enhances its position in the global urology home care market.
Rochester Medical's CEO Anthony Conway the agreement represents an attractive valuation for Rochester Medical shareholders and a great opportunity for the combined companies to create a broad product portfolio.
Timothy Ring, Bard chairman and CEO, said Rochester's double-digit growth product portfolio is a key building block in Bard's strategy to access faster grown markets over the long-term.