Span-America Medical Systems, Inc. (SPAN)

Span-America Medical Systems was a small manufacturer based in Greenville, South Carolina, that specialized in pressure management products for the medical market. Its therapeutic support surfaces, such as foam and air mattresses and seat cushions, were used in hospitals, nursing homes and home care to help prevent and treat pressure ulcers in patients who spend long periods in bed or in wheelchairs. Brand names included Geo-Matt, PressureGuard and Geo-Mattress.

Beyond its core medical line, the company made medical beds and related furniture for long-term care through a Canadian subsidiary, Span Medical Products Canada, which sold the Encore, Advantage and Rexx bed lines. Span-America also had a custom products business that made engineered foam items and packaging for consumer and industrial customers, which gave it a second revenue stream outside healthcare.

The company's common stock traded on NASDAQ under the ticker SPAN. It was a thinly traded small-cap stock with a long record of profitability, little debt and a regular dividend. Its customers included large healthcare distributors and group purchasing organizations, and its results tended to track spending by hospitals, nursing homes and other long-term care operators on patient support equipment and replacement mattresses.

In May 2017 Span-America agreed to be acquired by Savaria Corporation, a Canadian maker of stair lifts, wheelchair lifts, home elevators and patient lifts listed on the Toronto Stock Exchange. Savaria offered $29.00 per share in cash, about $80 million in total and roughly a one-third premium to the recent trading price, through a tender offer followed by a second-step merger. Directors and officers agreed to tender their shares.

The tender offer succeeded, and the merger was completed on June 16, 2017, making Span-America an indirect wholly owned subsidiary of Savaria. Shares not tendered were converted into the same cash price. The company asked NASDAQ to suspend trading before the open on June 19, 2017, and to delist the stock. Span-America's product lines became part of Savaria's patient care segment.