| May
14, 2007--Inverness Medical Innovations has extended a
revised offer to acquire Biosite for $92.50 per share.
While Biosite has an existing merger agreement with
Beckman Coulter, Biosite's board has deemed Inverness'
offer a "Superior Proposal." Biosite notified
Beckman Coulter of its intent to terminate their merger
agreement unless Beckman Coulter made an offer that
Biosite's board determines is at least as favorable as
Inverness' Superior Proposal.
In
response, Beckman Coulter said it will not increase its
offer to acquire Biosite beyond the current offer price of
$90 per share. If Biosite terminates their merger
agreement, Beckman Coulter is entitled to a $54 million
termination fee. |
