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Inverness Confirms Offer to Buy Biosite, Says 'Unsuccessful Outreach' Led to Bid

NEW YORK (GenomeWeb News) — Inverness Medical Innovations today confirmed it has made an unsolicited offer to acquire Biosite from under the nose of Beckman Coulter, which first made an offer last month.
 
In a statement, Inverness CEO Rob Zwanziger said his company’s offer is “consistent with our strategy of identifying uniquely promising leaders in diagnostics and successfully integrating them into our growing portfolio of diagnostic solutions.”
 
"After 10 months of careful review and unsuccessful outreach efforts to Biosite's management team and board, we came to the conclusion that we had no choice but to make our intentions absolutely clear,” Zwanziger said.
 
Inverness, which currently owns 4.7 percent of Biosite, confirmed an announcement Biosite made this morning that the company offered to buy the  remaining 95 percent of shares for $90 each in cash — $5 more than Beckman’s offer.
 
Beckman Coulter this morning responded by saying it would maintain its initial offer price of $85 a share, which was 54-percent over their value at the time the deal was drafted.
 
Zwanziger asserted that Inverness has “all the necessary financing commitments and is prepared to complete confirmatory due diligence in two full business days.”
 
Beckman CEO Scott Garrett this morning said he doubted Inverness’ ability to pull together the financing on short notice, and said his company’s offer is the more solid proposal.
 
Zwanziger said Inverness has “serious concerns regarding the integrity of a supposedly competitive bidding process,” which would lead Biosite to follow through with Beckman, and not “fully explore” Inverness’s offer of $5 more per share.
 
Zwanziger said Inverness is “hopeful” that Biosite’s board will “recognize the fiduciary duty they owe to their stockholders."

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