Japan's Asahi Kasei buying Zoll Medical

[March 12, 2012]  CHELMSFORD, Mass. (AP) -- Japanese chemical manufacturer Asahi Kasei Corp. has agreed to buy Massachusetts-based medical device and software maker Zoll Medical Corp. for about $2.1 billion.

Under the deal announced Monday, Asahi is offering $93 per share for each Zoll share, a 23.8 percent premium over Zoll's closing price of $75.10.on Friday.

The offer has been approved by boards of directors for both companies.

After the deal is completed, Zoll will become a subsidiary of Asahi's global operation while maintaining its current management team, business units and operations.

Asahi Kasei is a major Japanese chemical manufacturer with a variety of businesses including health care, construction materials and electronics.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.