By Scott Kanowsky
Investing.com -- U.S. multinational Mars, Incorporated has agreed to buy veterinary diagnostics group Heska (NASDAQ:HSKA) in a deal worth $1.3 billion, the companies announced in a statement on Monday.
Mars - a privately-held manufacturer of well-known sweets like M&M's and Snickers candy bars, as well as Whiskas cat food - will acquire Colorado-based Heska for $120 per share, representing a premium of about 23% compared to Heska's last closing stock price on March 31.
The boards of both firms approved the agreement, which will see Heska join Mars' pet-focused division. The move is expected to be closed in the second half of 2023.
"This acquisition will enable the Science & Diagnostics division of Mars Petcare to expand its diagnostic offerings and broadly promote point-of-care veterinary diagnostics to the global pet healthcare community," the businesses said.
Shares in Heska gained by more than a fifth in premarket U.S. trading.