Novadaq Technologies Inc. (NASDAQ: NVDQ) watched its shares practically double to kick off the week after the firm announced that it would be acquired by Striker Corp. (NYSE: SYK). The Novadaq board of directors has unanimously approved this deal, but it is still subject to at least a 66% shareholder approval. Considering the premium, this should be a layup.

Under the terms of the agreement, Striker will pay $11.75 per share for all outstanding shares, a premium of 94% from Friday’s closing price of $6.05. At this price, the entire acquisition is valued up to $701 million.

Excluding Monday’s jump, the stock is actually down 15% year to date. Over the past 52 weeks, the numbers get worse and the stock is down over 37%.

However, if we look at the chart at this time in 2014, the stock was over $20 per share. Since this point it’s been a rocky road for the stock, but ultimately shares shifted downward to a multiyear low not seen since 2012.

Rick Mangat, president and CEO of Novadaq, commented:

This transformative transaction recognizes the exceptional value we have built at NOVADAQ. Moreover, we believe it creates a strong opportunity for NOVADAQ, its customers, partners, shareholders and employees. I am proud of the impact our SPY and PINPOINT technology has made throughout the world in breast reconstruction and colorectal surgery, as well as other minimally invasive applications, and look forward to the additional progress we can make as part of Stryker’s organization.

Shares of Novadaq were trading up about 95% at $11.65 on Monday, with a consensus analyst price target of $11.03 and a 52-week range of $5.84 to $12.74.

Stryker shares traded at $142.67. The stock has a 52-week range of $106.48 to $145.62.

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