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Biosite Will Negotiate With Inverness Over New Bid, But Does Not Call It 'Superior'

NEW YORK (GenomeWeb News) — Biosite yesterday said it is preparing to negotiate with Inverness Medical Innovations about its renewed bid on Thursday to acquire the company for $92.50 a share, an increase over the $90 per share bid that Inverness and Beckman Coulter had both pledged.
 
Biosite said its board believes Inverness’ bid will “reasonably likely” lead to a superior proposal to Beckman Coulter’s previously increased bid, but would not call the higher Inverness offer ‘superior.’
 
Under the terms of yesterday’s offer, which expires May 16, Inverness said Biosite was to respond before the end of the work day, Pacific Standard Time, to say its offer is “superior.” Otherwise its offer could be retracted any time before its expiration date.
 
Biosite said that while its board determined that Inverness’ offer is “reasonably likely to lead to a superior proposal” by Beckman Coulter, it would not at this time say that the “offer constitutes a superior proposal.”
 
Beckman’s $90 a share offer expires on May 15.
 
Biosite added that its board “has not approved, endorsed or recommended the Inverness offer.”
 
In a response this morning, Inverness CEO Ron Zwanziger said: "We remind the market that while we have the right to withdraw our offer in light of Biosite's failure to announce that our offer constitutes a superior proposal, we are electing not to withdraw it at this time. We reiterate our intention to complete a transaction with Biosite via a cash tender offer at $92.50 per share. We will announce material developments regarding our binding offer as they occur."
 
Inverness added the $2.50 per share to the $90-per-share Beckman offer, which Beckman made after Inverness made an unsolicited bid to buy Biosite for $90 per share, or $85 per share more than Beckman originally offered in late March.
 
Beckman has not issued a public response to Inverness’ latest offer or responded to calls seeking comment.

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