RadNet (RDNT) has agreed to acquire iCad (ICAD) in an all-stock deal valued at roughly $103 million, the companies said late Tuesday.
Shares of iCad jumped more than 72% in recent after-hours activity, while those of RadNet were down 2%.
As part of the agreement, iCad shareholders will receive 0.0677 shares of RadNet common stock for each iCad share they own, valuing it at $3.61 per share, a 98% premium based on the closing prices Monday.
The acquisition is expected to merge advanced artificial intelligence technologies from both companies to strengthen early breast cancer detection and streamline diagnostic workflows, the companies said.
The transaction, unanimously approved by both companies' boards, is expected to close in Q2 or Q3, pending iCad stockholder approval and customary closing conditions, according to a joint statement.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.