Skin health company PhotoMedex Inc said it would purchase LCA-Vision Inc, which provides laser vision correction services under the Lasik Plus brand, for about $106 million. The $5.37 per share offer represents a premium of 26.3 percent to the stock's Thursday closing price of $4.25.LCA-Vision's operations are expected to add to PhotoMedex's cash earnings per share in 2014, the company said.PhotoMedex said it would fund the deal through a new $85 million senior secured credit facility and existing cash balance.
LCA-Vision Inc. is a provider of fixed-site laser vision correction services at its LasikPlus vision centers. Shares of LCAV traded higher by 6.25% or $0.25/share to $4.25. In the past year, the shares have traded as low as $2.78 and as high as $4.93. On average, 52856 shares of LCAV exchange hands on a given day and today's volume is recorded at 241659.
PhotoMedex, Inc. (PhotoMedex) is a Global Skin Health Solutions company that provides integrated disease management and aesthetic solutions to dermatologists, professional aestheticians and consumers. Shares of PHMD traded higher by 0.29% or $0.04/share to $13.82. In the past year, the shares have traded as low as $10.51 and as high as $17.05. On average, 179616 shares of PHMD exchange hands on a given day and today's volume is recorded at 43778.
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