Luther Medical Offer Sweetened by Becton

New Jersey-based Becton Dickinson and Co. sweetened terms of its planned acquisition of Tustin-based Luther Medical Products Inc. to gain immediate access to technology for protecting health workers from needles.

Luther announced Tuesday that, assuming the deal is completed in mid-January, shareholders can expect to receive $16.6 million in cash, or $4.70 a share, an increase of $325,000, or 8 cents a share.

In merger negotiations, Becton Dickinson wanted the option to use the needle-protection technology immediately, rather than wait until the merger closes, Luther’s chief executive David Rollo said Tuesday. “We said, ‘If you want it now, you have to pay for it,’ ” he added.

As a result, Luther granted the acquiring company an option over the next six months to license its needle-protection patent. In the event that the merger between the two companies doesn’t occur, Luther would still receive $325,000 for the option, plus another $200,000 if Becton were to exercise the option.