News Article

Acquisition Unites Rival Surgical Robot Manufacturers
Date: Mar 08, 2003
Source: New York Times ( click here to go to the source)

Featured firm in this article: Intuitive Surgical Inc of Sunnyvale, CA

Intuitive Surgical Inc. said yesterday that it had agreed to acquire Computer Motion Inc. for about $68 million in stock, ending two years of patent disputes between the rival makers of surgical robotic arms. Under the agreement, Intuitive Surgical will exchange one of its shares for roughly two of Computer Motion's. The deal values Computer Motion, which is based in Santa Barbara, Calif., at $2.30 a share, 40 percent more than Thursday's closing price of $1.65. Intuitive Surgical shareholders will own 68 percent of the merged company; Computer Motion shareholders the rest. The combined company will have its headquarters in Sunnyvale, Calif.