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Bio-Rad Buys Bigger Stake in BioSource After Firm Rejected Earlier Acquisition Offer

NEW YORK, April 19 (GenomeWeb News) - After BioSource International rebuffed Bio-Rad's recent unsolicited $82 million acquisition offer, Bio-Rad today said it has increased its ownership in the reagents company to 6.8 percent from 5 percent.

Illustrating what it calls its "continuing interest" in acquiring the company, Bio-Rad disclosed in an SEC filing today that it has purchased approximately $4.97 million worth of additional shares of BioSource common stock. In the filing, Bio-Rad stated that it believed "ownership of the shares could facilitate a business combination between [BioSource] and Bio-Rad."

"Our purchase of additional shares in BioSource further demonstrates our continuing interest in acquiring this company," Norman Schwartz, Bio-Rad's president, said in a statement today. "Including these recent stock purchases, the average price for the shares we have acquired to date is still well below our $8.50 per share offer."

Earlier this month, BioSource's directors unanimously rejected Bio-Rad's $82 million offer to purchase the company, stating that they believed Bio-Rad's April 6 offer of $8.50 per share was "significantly below BioSource's inherent value."

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