On April 3, 2023, multinational business group Mars Incorporated announced an agreement with Heska Corporation to acquire the latter for $120.00 per share, 38% above Heska’s 60-day average price. The deal was unanimously approved by boards of directors from both companies at a total value of $1.3 billion. The acquisition is expected to complete in the second half of the year.
Subsequent to the acquisition, Heska will join Mars Petcare, a segment of Mars that focuses on veterinary health and diagnostics, nutrition, innovation, and technology. The takeover will allow Mars Petcare and its Science & Diagnostics Center to expand their veterinary advancement globally.
In a press release, Nefertiti Greene, President of Mars Petcare, Science & Diagnostics, said:
We look forward to welcoming Heska to Science & Diagnostics as we share the belief that diagnostic innovation is a critical enabler to providing transformative veterinary care.
In response, Kevin Wilson, Heska’s Chief Executive Officer & President, expressed in the same joint statement:
Today’s announcement is a great testament to the quality of our Heska family – we are small, but our people and their creativity, execution, and expertise have made us exceptional. We are thrilled to join Mars Petcare on its quest to build A BETTER WORLD FOR PETS™. Working together, Heska’s innovations will reach more veterinarians more quickly to help more pets live better, healthier, and longer lives. That’s been our mission for over a decade and today is an incredible milestone toward realizing it.
Mars Petcare maintains affiliation with 2,500 vet clinics and hospitals across the country: including Banfield, Blue Pearl, Mount Pleasant, and VCA. Under the Mars Petcare Science and Diagnostics Center is Antech Diagnostics, a veterinary lab with international branches devoted to vet diagnostic services.
With over three decades of experience as a manufacturer and distributor of veterinary technologies, including widely implemented infusion pumps, blood analyzers, and cancer screen tests, Heska will strengthen and augment Mars Petcare’s market share on a global scale.
Read the official statement here.
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