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Inverness commences Biosite offer:

This article was originally published in Clinica

Executive Summary

Inverness Medical Innovations has announced that its subsidiary Inca Acquisition has begun its cash tender offer for shares of diagnostic test developer Biosite at $92.50 per share. The Biosite board of directors has approved the offer and has judged it to be fair and in the shareholders' best interests. The company was originally the focus of a bidding war between Beckman Coulter and Inverness, however the Waltham, Massachusetts-based company trumped Beckman's final offer of $90 per share two weeks ago (see Clinica No 1256, p 2).

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