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Print Edition StoriesMonday, February 1, 2010
Inverness' $286M bid for Korean diagnostics firm accepted
By Julie M. Donnelly
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Inverness Medical Innovations Inc. has announced that its $286 million offer to buy a majority ownership in Korean diagnostics firm Standard Diagnostics Inc. was successful.
Inverness offered in January to pay $35.74 per share for as much as 75.79 percent of Standard Diagnostics’ outstanding shares — an offer that is 33 percent higher than the average price per share over the last 90 days. The offer, which expired today, was conditioned upon the tender of at least 2.4 million shares by Standard Diagnostics shareholders. A preliminary review shows that approximately 4.8 million shares, or almost 62 percent, of the issued and outstanding shares of Standard Diagnostics, were tendered.
Standard Diagnostics posted revenues of about $36.8 million for 2008 and $36 million for the nine months ended September 30, 2009. The company makes diagnostics reagents or devices for hepatitis, infectious diseases, tumor markers, fertility, drugs of abuse, urine strips and protein strips.
Waltham-based Inverness said Standard Diagnostics would become a subsidiary of Inverness, once the transaction is closed.
Inverness Medical Innovations (NYSE:IMA) produces diagnostic and health monitoring tools covering illnesses including infectious disease, cardiology, oncology, drugs of abuse and women’s health.
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