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Beckman Coulter's Biosite Bid Passes FTC Antitrust Hurdle

NEW YORK (GenomeWeb News) — Beckman Coulter today said that the federally mandated waiting period for its proposed acquisition of Biosite has expired without a request by the Federal Trade Commission for additional information.

The Hart-Scott Rodino Antitrust Improvement Act generally requires a 30-day waiting period on proposed mergers of a certain value while the FTC and the Department of Justice review the proposal. Either body may request extend the waiting period to make inquiries into a proposed deal.

Beckman last month said it planned to buy Biosite for $80 a share, or around $1.6 billion. But that deal was shaken after Inverness Medical Innovations made an unsolicited bid to pay $90 a share for the San Diego-based diagnostics company.   

Biosite last week said it intends to meet with Inverness to consider its offer. Beckman has said its original offer stands, and it has not hinted that it will increase its offer or engage in a bidding war with Inverness.

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