NEW YORK (GenomeWeb News) — Inverness Medical Innovations today said it has commenced its tender offer to buy all of Biosite's outstanding shares at a price of $92.50 per share without interest.
Under the cash deal, Inverness would pay an additional $.015205 per share for each day after July 2 that the shares are not accepted for payment.
Inverness, which last week won a bidding war against Beckman Coulter to acquire Biosite, said Biosite's board has approved the sale.
Unless the tender offer is extended, Inverness said, it is set to expire at 12:00 midnight, EST, on June 25.
Inverness said after the deal closes Biosite will operate as a wholly owned Inverness subsidiary.