NEW YORK (GenomeWeb News) – Invitrogen and Applied Biosystems announced separately today that they each will hold a special meeting of shareholders on Oct. 16 to vote on the proposed $6.7 billion merger of the two firms.
Invitrogen and ABI each said that shareholders of record as of the close of business on Sept. 5 are entitled to vote at the meetings. The firms will mail a proxy statement and relevant materials to shareholders the week of Sept. 8, they said.
Shareholders of both firms must approve the transaction, and the merger requires the approval of the European Commission.
Under terms of the deal, ABI shareholders will receive $38 for each share they own in the form of Invitrogen stock and cash, with cash accounting for 45 percent of the split. The purchase price represents a 12 percent premium to ABI’s average closing price for the previous 30 trading days.