Trying to please lenders, IMI (Inverness Medical Innovations) offers less for Ostex:
This article was originally published in Clinica
Inverness Medical Innovations (IMI) has reduced its offer for osteoporosis test maker Ostex International to increase its chances of obtaining approval from its lenders. The exchange offer will now consist of a maximum of 1.9m IMI shares, compared with 2.3m originally on the table. IMI, a provider of women's health and nutritional products of Waltham, Massachusetts, and Ostex, of Seattle, Washington, hope to complete the transaction in the second quarter of 2003.