DSM to buy Kensey Nash (Nasdaq: KNSY) for $360 million

Shawshank, VA 5/3/12 (StreetBeat) -- Dutch high-performance materials maker Royal DSM NV says it has launched a $38.50 per share takeover offer for Kensey Nash Corp. (Nasdaq: KNSY), a bid that values the U.S. company at $360 million.

The all cash bid, which is endorsed by Kensey Nash's supervisory and management boards, offers a 33 percent premium to Kensey Nash's closing price of $29.01 on May 2, DSM said in a statement Thursday.

Heerlen, Netherlands-based DSM said Kensey Nash will strengthen its position in the market for medical coatings as well as help it enter the market for engineering and regenerating body tissue.

Exton, Pennsylvania-based Kensey Nash expects sales of around $90 million in the 12 months ending in June.

DSM said it expects the deal to close this quarter pending regulatory approval.

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