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Inverness Gives Biosite Revised Commitment Letters From 'Proposed Financing Sources'

NEW YORK (GenomeWeb News) — Biosite said today that Inverness Medical Innovations has given the company a set of revised commitment letters from Inverness' “proposed financing sources” that will likely pay for its unsolicited bid to acquire Biosite for $90 a share. 
 
Biosite said it will file these revisions with the US Securities and Exchange Commission, but those changes are not yet available on the SEC’s website.
 
Biosite’s board has not withdrawn or changed its recommendations concerning its agreement to be acquired by Beckman Coulter for $85 a share.
 
The company said that offer will expire on April 27 unless Beckman extends it, but for now that agreement “remains in effect.”
 
Beckman said yesterday the Federal Trade Commission cleared its merger with Biosite.
 
Beckman CEO Scott Garrett said two weeks ago the Inverness offer was shakier than Beckman’s because he doubted Inverness could land the financing it would need to swing the deal on such short notice.

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