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Gyrus snapped up

Created:
19 November 2007
Written by:
Richard Hemming

Gyrus shares have rocketed 58 per cent after its board announced it is recommending an all-cash bid of 630p a share by Japan-based Olympus, which makes medical devices as well as cameras. Olympus' bid is valued at around £935m and its terms will be posted to Gyrus shareholders on or about 17 December.

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The Japanese company is the largest manufacturer of surgical cameras in the world, and it says the purchase will add Gyrus' scalpels and tools for sealing blood vessels to its medical equipment division.

TIP UPDATE:

The 630p cash bid is a best case scenario for shareholders, being substantially above our buy recommendation (408p, 2 November 2007) and above the Numis target price of 560p. The stock is trading at 616p, suggesting it is unlikely another bid will be forthcoming. Nevertheless, you should await documents with a view to accepting.

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