Japan's Olympus Corp has agreed to buy UK-based Gyrus Group Plc for ₤935 million ($1.92 billion) in cash. Olympus Corporation will augment growth in the endoscopy and minimal invasive surgery with the acquisition of Gyrus which is a leader in keyhole surgery. This move also aims at improving Olympus’ market share globally as well as competing with the lower cost Asian manufacturers.
Olympus announced on 19th November 2007 that they have reached an agreement to acquire all the shares of Gyrus Group Plc in a cash transaction amounting to for ₤937 million ($1.92 billion). This amount represents a value of 630 pence per share, 58% more than the current share value.
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