Beckman Coulter sweetens Biosite bid to $1.67 billion
This article was originally published in The Gray Sheet
Executive Summary
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)...