NEW YORK (GenomeWeb News) – Danaher reported after the close of the market on Friday that it's wholly owned subsidiary Djanet Acqusition has completed its tender offer for Beckman Coulter for $83.50 per share.
Separately, Danaher also said that it has issued a total of $1.1 billion in short-term promissory notes to finance part of the $6.8 billion deal.
The tender offer and withdraw rights for Beckman Coulter expired at 5 p.m. EDT, June 24. According to the depositary for the offer, a total of 63,087,256 shares of Beckman Coulter common stock were tendered and not withdrawn prior to the offer's expiration. It includes 4,646,009 shares delivered pursuant to guaranteed delivery procedures. Assuming those shares were delivered, about 88.08 percent of all outstanding shares have been tendered.
Djanet has also commenced a subsequent offering period, set to expire at midnight EDT, June 29. During the subsequent offering, Beckman Coulter shareholders who did not previously tender shares of the company's common stock may do so for $83.50 per share.
After the subsequent tender offering, Danaher said it expects to have enough shares of Beckman Coulter's common stock to acquire all remaining outstanding shares by means of a short-form merger under Delaware law. After the merger, Beckman Coulter will become a wholly owned subsidiary of Danaher.
Danaher also said on Friday it has issued a total of $1.1 billion in short-term promissory notes to finance part of the purchase.
The notes were issued between June 20 and June 23 and are set to mature between June 28 and Aug. 24. The weighted average yield of the New CP Notes, including issuance costs, is 0.17 percent, Danaher said in a document filed with the US Securities and Exchange Commission.
Last week, the company closed on its public offering of senior notes, which is expected to bring in net proceeds of $1.79 billion. Danaher last week also priced a public offering of its common stock that was expected to net proceeds of $965.3 million, if underwriters exercised an over-allotment option in full. That offering was expected to close on June 21.