By Milana Vinn and Amy-Jo Crowley
April 21 (Reuters) – Private equity firms CVC Capital Partners and GTCR have submitted a joint bid to take medical equipment provider Teleflex private, a source familiar with the matter said on Tuesday.
The offer is being evaluated by Teleflex, the source said, cautioning that no deal is certain and that the company could ultimately reject the approach or attract rival interest.
Teleflex manufactures medical devices such as breathing tubes, catheters and vascular access products used in hospital intensive care units. The company has been streamlining its business and sold three units for $2.03 billion in December.
CVC, Teleflex and GTCR did not immediately respond to Reuters’ requests for comments.
Bloomberg News reported earlier on Tuesday that the firms were exploring a takeover of Teleflex.
Teleflex shares were up 13.4% in after-hours trading. The stock ended Tuesday 5.5% lower at $124.75, giving the company a market value of roughly $5.5 billion.
The bid, if successful, would take private the company that has been in the process of a significant strategic overhaul.
The firm has come under pressure from Irenic Capital Management, which criticized its board in March for its refusal to engage with potential suitors for a sale.
Amsterdam-listed CVC is a global private markets manager with 205 billion euros ($240.6 billion) in assets under management. GTCR, a Chicago-based buyout firm, has a track record in healthcare services and medical technology investments.
($1 = 0.8520 euros)
(Reporting by Padmanabhan Ananthan and Mihika Sharma in Bengaluru; Editing by Pooja Desai, Maju Samuel and Sherry Jacob-Phillips)
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