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MDS Shareholders Approve Sale of Analytical Technologies Business

NEW YORK (GenomeWeb News) – MDS shareholders have approved the sale of the firm's Analytical Technologies business to Danaher for $650 million in cash.

Shareholders representing more than 99 percent of MDS' common shares voted in favor of the sale at a meeting held Tuesday.

In early September, Danaher inked the agreement to buy MDS Analytical Technologies, plus Life Technologies' half of the mass spectrometry joint venture with MDS, for total consideration of $1.1 billion.

"Subject to the completion of sale of MDS Analytical Technologies, [MDS] currently intends to return approximately $400 million to $450 million of sale proceeds to shareholders by way of a share buyback through a Substantial Issuer Bid," James MacDonald, chairman of MDS's board of directors, said in a statement.

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