Agilent divests Hycor Biomedical
This article was originally published in The Gray Sheet
Life sciences firm Agilent Technologies divests its Hycor in vitro diagnostics business to private equity firm Linden LLC for undisclosed terms on Feb. 3. Hycor, which makes allergy, autoimmune and urinalysis tests, was acquired by Agilent in 2007 as part of its purchase of Stratagene. It is a "profitable and growing business but it does not fit the core focus of our life science business," Agilent explained (1"The Gray Sheet" June 11, 2007)
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Biomet update: The private equity group attempting to buy Biomet has increased its bid from $44 per share to $46 per share, or $10.9 billion to $11.4 billion, and has commenced a tender offer to acquire all outstanding shares. The tender offer, announced June 7 and set to begin on or before June 14, prevents the shareholder vote on the deal that had been scheduled for June 8. According to Biomet, if 75%-90% of share holders accept the tender offer within 20 business days, the deal will go to a shareholder vote. If over 90% of shareholders accept the offer, the deal will go through without a vote. The Institutional Shareholder Services released a report May 29 advising shareholders not to accept the $44 per share offer because it represented a "takeover premium" too low to justify giving up control of the company (1"The Gray Sheet" June 4, 2007, p. 4)...
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