Northstar Neuroscience gains 23% on takeover offer

Northstar Neuroscience Inc. (Nasdaq:NSTR) shares soared 23% Wednesday after Tang Capital Partners made an offer to acquire the development stage medical device company. The financial firm offered $2.25 per share for the Seattle-based company, which would amount to a 50% premium over the July 1 closing price. Currently, Tang Capital owns about 18% of the company’s outstanding common stock. Tang Capital said the non-binding agreement is contingent on a positive answer before July 9 with Northstar entering into a binding agreement before July 23.

Northstar Neuroscience shares climbed more than 23% on the news Wednesday, reaching $1.90 on above-average volume.

For detailed price information and recent news stories on Northstar Neuroscience Inc., click NSTR.

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