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Beckman Meets Inverness' Rival Bid, Extends Offer to May 15

NEW YORK (GenomeWeb News) — Beckman Coulter has matched Inverness Medical Innovations’ offer to acquire Biosite, Biosite and Beckman said today.
 
As a result, Beckman and Biosite have signed a new agreement under which Beckman would buy Biosite for $90 a share, a per-share increase of $5 over the firm’s original bid.
 
The deal would now be worth an estimated $1.67 billion.
 
Biosite said last week it “intends” to accept a rival offer from Inverness, whose unsolicited bid raised the ante from $85 per share to $90 per share.
 
Biosite said that all “necessary regulatory clearances have been received,” and said it will provide more detailed information about the new agreement tomorrow.
 
Beckman Coulter has also extended the new offer until the end of the day on May 15. Under the terms of the amended agreement, Beckman is not obligated to extend the amended offer beyond that date, but retains the right to do so.

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