U.S. medical technology company Steris Corp offered to purchase British sterilisation services provider Synergy Health Plc for about $1.9 billion in cash and stock in a deal that would shift its domicile to the UK and cut its tax bill.Steris said it would set up a new UK company to undertake the acquisition, joining a growing list of U.S. companies that are trying to cut their tax bills by shifting their corporate domicile from the United States.The new company is expected to have an effective tax rate of about 25 percent beginning in the fiscal year starting April 1, the companies said in a joint statement on Monday.Steris's effective tax rate for 2013/14 was 31.3 percent.
Shares of STE fell by 1.95% or $-1.12/share to $56.38. In the past year, the shares have traded as low as $39.90 and as high as $58.15. On average, 291400 shares of STE exchange hands on a given day and today's volume is recorded at 648535.
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