Monday, February 7, 2011

Beckman Coulter to be acquired for $6.8 billion

By Lori Valigra, Mass High Tech correspondent

Beckman Coulter Inc. (NYSE: BEC), a biomedical testing product company based in Orange County, Calif., with an operation in Danvers, will be acquired by Washington, D.C.-based Danaher Corp. (NYSE:DHR), which has made a cash tender offer to acquire all of the outstanding common stock of Beckman for $83.50 per share, according to a press release.

The total value of the deal is about $6.8 billion, including debt assumed and net of cash acquired. The disposition of Beckman Coulter Genomics of Danvers was not revealed. “We have no information about that,” said Beckman spokeswoman Mary Luthy. “It will be business as usual until the close of the transaction.” Beckman Coulter Genomics provides genomic services and nucleic acid purification products and employs 102 workers in Danvers.

Beckman Coulter will become part of Danaher’s Life Sciences & Diagnostics segment, joining Danaher’s Leica, AB Sciex, Radiometer and Molecular Devices businesses.

Beckman’s board of directors has unanimously recommended that shareholders accept and tender their shares into the offer, which represents a premium of approximately 45 percent to Beckman’s closing price on Dec. 9, 2010, the date on which market speculation began about the potential sale of the company.

The offer is subject to customary conditions, including tender of a majority of the outstanding shares into the offer on a fully diluted basis, regulatory approvals and the absence of a material adverse change with respect to Beckman. The transaction is expected to be completed in the first half of 2011.