Patterson Agrees to $2.8 Billion Takeover by Patient Square (1)

Patterson Cos. said it agreed to be bought by private equity firm Patient Square Capital in a deal worth $2.8 billion in cash.

The purchase price of $31.35 a share is 36% higher than Patterson’s closing price of $23.11 on Tuesday. Shares in the dental and animal health company rose 34% in premarket trading after the news was announced Wednesday.

The deal follows Patterson’s announcement just last week that it was conducting a strategic review searching for ways to maximize shareholder value. The company cut its annual outlook at the time, and the shares have lost about 19% this year ...