Iverness Medical Innovations has acquired Matria Healthcare

Covington Associates announced today it has acted as financial advisor to Inverness Medical Innovations (AMEX: IMA), in its definitive merger agreement to acquire Matria Healthcare, Inc. (AMEX: MATR). Inverness will acquire all outstanding shares of common stock of Matria for $39.00 per share of Matria common stock, payable $6.50 in cash plus $32.50 in convertible preferred stock issued by Inverness. The proposed transaction would take the form of an indirect acquisition through a merger of a newly formed, wholly-owned subsidiary of Inverness with and into Matria.