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Thermo Electron/Puritan-Bennett

This article was originally published in The Gray Sheet

Executive Summary

Thermo terminates its tender offer to pay $24.50 per share for all outstanding shares of P-B. The offer had been extended twice by Thermo, most recently on Nov. 28 ("The Gray Sheet" Dec. 5, In Brief). Thermo's bid, initiated Oct. 25, was contingent upon approval by P-B's board and the removal by P-B of certain anti- takeover provisions. Not having received either, Thermo says it will return to P-B shareholders the approximately 72% of outstanding P-B shares that were tendered
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