NEW YORK (GenomeWeb News) - Biosite said today that it has received a revised merger offer from Inverness Medical Innovations of $92.50 per share, up from Inverness’ original offer of $90 per share.
The newest development in the proposed takeover of Biosite comes one week after Beckman Coulter matched Inverness’ $90 per-share bid.
Beckman had initially bid $85 per share for Biosite in late March.
Biosite said it is evaluating Inverness’ offer, which expires at 8 a.m. EDT, May 16. Inverness reserves the right to withdraw the offer, however, if, among other things, Biosite does not publicly state by the end of the business day today that Inverness' bid is superior to Beckman’s most recent offer.
Inverness also wants Biosite to stipulate that Beckman has until 11:59 PM EDT, May 15 to match its offer.
Beckman officials could not be reached for comment by press time.