Biotech Values

[DewDiligence]

BCR Acquires SENO for $11/sh in Cash

[The buyout is a 14% premium to SENO’s closing price on 5/4/10. Within a few hours of the deal’s announcement, lawyers filed suit on behalf of SENO shareholders.]

http://finance.yahoo.com/news/SenoRx-to-be-Acquired-by-C-R-pz-3477283078.html?x=0&.v=1

›Wednesday May 5, 2010, 9:15 am EDT

IRVINE, Calif., May 5, 2010 (GLOBE NEWSWIRE) -- SenoRx, Inc. (Nasdaq:SENO) today announced it has entered into a definitive merger agreement with C. R. Bard (NYSE:BCR) at a price of $11 per share, or approximately $213 million in the aggregate. The SenoRx 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, SenoRx stockholders will receive $11 in cash for each share that they hold at the closing of the merger, representing a 14 percent premium over the closing price on May 4, 2010 and a 41 percent premium over the company's average closing price during the 90 trading days ended May 4, 2010. The acquisition is subject to certain closing conditions specified in the definitive agreement, including regulatory approvals and the approval of SenoRx's stockholders. The transaction is expected to close in the third quarter of 2010.

"Our agreement with Bard represents an attractive valuation for SenoRx shareholders, and as an all cash offer, provides liquidity for shareholders," said John Buhler, SenoRx President and Chief Executive Officer. "We believe the merger represents a great opportunity for the combined companies to create product leadership by offering a broader range of high-quality breast care products to our customers."

Piper Jaffray & Co. served as exclusive financial advisor to SenoRx and provided a fairness opinion to the Company's Board of Directors. Wilson Sonsini Goodrich & Rosati, P.C. served as counsel to SenoRx.

About SenoRx

SenoRx, Inc. (Nasdaq: SENO) develops, manufactures and sells minimally invasive medical devices used by breast care specialists for the diagnosis and treatment of breast cancer, including its EnCor(R) vacuum-assisted breast biopsy system and Contura(R) MLB catheter for delivering radiation to the tissue surrounding the lumpectomy cavity following surgery for breast cancer. SenoRx's field sales organization serves over 2,000 breast diagnostic and treatment centers in the United States. In addition, SenoRx sells several of its products through distribution partners in more than 30 countries outside the U.S. The company's line of breast care products includes biopsy disposables, biopsy capital equipment, diagnostic adjunct products and therapeutic disposables. SenoRx is developing additional minimally invasive products for the diagnosis and treatment of breast cancer. For more information, visit the company's website at www.senorx.com.‹