Inverness bids for Standard Diagnostics majority stake
This article was originally published in The Gray Sheet
Executive Summary
Diagnostics firm Inverness Medical Innovations offers to acquire up to 75.8% of Korean rapid diagnostics firm Standard Diagnostics on Jan. 11 for $35.66 per share - or an aggregate of about $216 million, based on Standard Diagnostics' roughly 8 million shares outstanding. The offer is conditioned on the tender of at least 2.4 million shares, representing about 30.1% of the company, Inverness notes. If just the minimum number of shares is tendered under the deal, Inverness and Standard Diagnostics CEO Young Shik Cho would collectively own over 50% of the company. "This proposed transaction provides SD with the resources and support to continue its growth as a globally competitive leader in the field of disease diagnosis," Cho said. SD makes diagnostic products for hepatitis, infectious diseases, tumor markers, fertility and drugs of abuse. The tender offer expires Feb. 1, with a Feb. 8 settlement date
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