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Invitrogen, ABI Merger Valued at $5.1 Billion

NEW YORK (GenomeWeb News) – The November merger of Invitrogen and Applied Biosystems to form Life Technologies has been valued at $5.1 billion, down from the initial estimate of $6.7 billion.

Life Technologies disclosed in a filing with the US Securities and Exchange Commission yesterday that the value of Life Technologies shares issued in the transaction was around $1.8 billion, while the cash portion of the deal was roughly $3.2 billion. ABI shareholders received a total of approximately 80.8 million of the combined company's shares.

At the time the merger agreement was announced in June, the firm's valued the deal at $6.7 billion. However, that was before the stock market tumbled in the fall, cutting the valuations of firms across the board.

The original terms of the merger agreement called for ABI shareholders to receive $38 for each share of ABI stock they owned in the form of Invitrogen common stock and cash, but this offer was contingent on the 20-day volume-weighted average price of Invitrogen common stock being in the range of between $43.69 and $46.00 three business days prior to the close of the transaction.

Under the terms of the pro-rated merger consideration, shareholders who elected to receive cash received $18.65 in cash and .4427 shares of Life Technologies stock for each share of ABI. Those who elected to receive stock received $1.91 in cash and .8261 shares of Life Technologies stock for every share of ABI owned. Shareholders who opted for the mixed consideration and those who did not make a valid election received $18.15 in cash and .4543 shares of Life Technologies stock for every share of ABI owned.

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