MGC Diagnostics Corp. said its board initiated a strategic review of the company's businesses and assets to explore ways to increase shareholder value.

The global medical technology company will "consider all reasonable options," Chairman Mark Sheffert said. A special committee comprising Sheffert, Vice Chairman Terry Bunge and director Hank Struik will oversee the review process, with investment banking firm Craig-Hallum Capital Group LLC as adviser.

The MGC board also approved a special cash dividend of 70 cents apiece on its outstanding common stock, payable Feb. 24 to all shareholders of record as of Feb. 10.