NEW YORK, June 4, 2026, 09:09 EDT
- Masimo was last indicated at $178.78 before the open, about 0.7% below Danaher’s $180-a-share cash bid.
- Shareholders have approved the sale; regulatory clearance is still the key closing condition.
- Nasdaq futures were lower, but Masimo’s tape is being driven more by takeover math than the broader index.
Masimo Corp shares were little changed before Thursday’s open, holding just under Danaher’s $180-a-share cash offer as investors waited for the remaining approvals needed to close the medical-device takeover.
The stock was last quoted at $178.78, up 5 cents from its prior close, leaving a narrow deal spread — the gap between the market price and takeover price — of about $1.22 a share, or roughly 0.7%. That spread is now the main trade in Masimo.
That matters because Masimo is no longer trading like a normal med-tech earnings story. Since Danaher agreed to buy the Irvine, California-based maker of pulse oximetry and patient-monitoring equipment, the share price has moved close to the cash consideration and may stay there unless regulators, timing or financing change the market’s view.
Danaher said in February it would buy all outstanding Masimo shares for $180 each in cash, valuing the transaction at about $9.9 billion including assumed debt and net of acquired cash. Danaher Chief Executive Rainer Blair called Masimo “an exceptional strategic fit” that would “greatly strengthen our diagnostics franchise.” Danaher Corporation Investors
Masimo shareholders voted in favor of the merger at a special meeting held on May 1, the company said. CEO Katie Szyman called the vote an “important milestone” and said the deal “delivers compelling value”; Masimo said the merger still needs customary conditions, including regulatory approvals, and is expected to close in 2026.
The broader tape was less friendly. Nasdaq 100 futures were down 1.16% at 8:00 a.m. ET after Broadcom’s revenue miss hit chip shares, while S&P 500 futures also pointed lower. Futures are contracts investors use to bet on where an index may open.
Masimo’s shares may be less exposed to that index pressure than many Nasdaq names because a cash merger price is acting as a ceiling. Still, the stock is not trading at the full $180, showing investors are keeping a small discount for time and closing risk.
The business backdrop is solid enough to keep the deal in focus. In its first-quarter filing, Masimo reported revenue of $403.6 million, up from $372.0 million a year earlier, and net income of $57.1 million versus a loss a year earlier. The filing also showed $17.9 million in selling, general and administrative expenses tied to the proposed merger.
Danaher is using the deal to push deeper into patient monitoring, an area outside some investors’ expected targets for the company. Reuters reported in February that J.P. Morgan analysts saw the move as unexpected but noted Masimo’s high share in pulse oximetry, recurring revenue and margin expansion potential; Bernstein analyst Christian Moore expected the acquisition to prove a good one for Danaher over time. Medtronic is a key rival in blood-oxygen monitoring, Reuters reported.
The risk is not hard to see. The merger agreement requires antitrust and foreign direct investment approvals and allows either side to walk away if the deal is not completed by Nov. 16, 2026, with an automatic extension to Feb. 16, 2027 if only regulatory conditions remain. It also includes a $305 million termination fee payable by Masimo in certain circumstances.
There is also deal litigation noise. In an April filing, Masimo said several stockholder complaints challenged merger disclosures and sought, among other things, to block the deal; Masimo said it believed the claims were without merit and made supplemental disclosures to reduce the risk of delay.
For now, the market is treating Masimo as a near-cash instrument with a regulatory clock attached. A clean approval path would leave little left for holders beyond the remaining spread. A delay, tougher conditions or a broken deal would put the company’s stand-alone valuation back in play quickly.
