Beckman Coulter Ponders Inverness’ “Superior” Bid For Biosite
This article was originally published in The Gray Sheet
Executive Summary
Beckman Coulter has until May 2 to engage in a bidding war with Inverness Medical Innovations for cardiac diagnostic maker Biosite
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Beckman Coulter sweetens Biosite bid to $1.67 billion
Biosite suitor Inverness Medical Innovations is weighing its next move after its unsolicited $90-per-share offer for heart test maker Biosite is matched by Beckman Coulter. Biosite initially had agreed to be acquired by Beckman for $85 per share, or $1.55 billion, on March 24. However, Biosite subsequently determined that Inverness' April 4 bid was superior to the initial Beckman deal. An amended merger agreement between Biosite and Beckman announced May 2 is worth $1.67 billion, according to Biosite. Under the revised deal, Beckman's $90-per-share cash tender offer will be open until May 15. "In light of this development we are evaluating our alternatives," Inverness CEO Ron Zwanziger said during the firm's Q1 earnings call May 2 (1"The Gray Sheet" April 30, 2007, p. 10)...
Beckman Coulter sweetens Biosite bid to $1.67 billion
Biosite suitor Inverness Medical Innovations is weighing its next move after its unsolicited $90-per-share offer for heart test maker Biosite is matched by Beckman Coulter. Biosite initially had agreed to be acquired by Beckman for $85 per share, or $1.55 billion, on March 24. However, Biosite subsequently determined that Inverness' April 4 bid was superior to the initial Beckman deal. An amended merger agreement between Biosite and Beckman announced May 2 is worth $1.67 billion, according to Biosite. Under the revised deal, Beckman's $90-per-share cash tender offer will be open until May 15. "In light of this development we are evaluating our alternatives," Inverness CEO Ron Zwanziger said during the firm's Q1 earnings call May 2 (1"The Gray Sheet" April 30, 2007, p. 10)...
Biosite Agrees To Inverness Merger Talks While Beckman Waits At The Altar
Heart test maker Biosite has agreed to merger talks with Inverness Medical Innovations despite its previous agreement to be acquired by Beckman Coulter for $1.55 billion