Bidding War Ends as Inverness Plans to Acquire Biosite for $92.50 a Share

May 18, 2007

NEW YORK (GenomeWeb News) — Inverness Medical Innovations will buy Biosite after Beckman Coulter bowed out of the companies' protracted bidding war, Inverness said late yesterday on its Web site.

Under the purchase agreement, which comes after more than six weeks of offers, counteroffers, and negotiations, Inverness will pay $92.50 a share for 95 percent of Biosite's outstanding shares. Inverness already owns 5 percent.

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