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Packard Files for Follow-on Offering

NEW YORK, Feb 9 - Packard BioScience said Friday it had filed a statement with the US Securities and Exchange Commission for a follow-on offering of 10 million shares.

Packard of Meriden, Conn., said it would issue three million of the shares, while shareholders, including CEO Emery Olcott and Senior Vice President Richard McKernan, intend to sell an additional seven million shares.

Packard will only receive proceeds from the shares which its sells. The company estimated that it would raise a net $41.25 million from the sale of the shares, which it plans to use for “general corporate purposes.”

The company also expects to generate net proceeds of $120 million to $130 million from the sale of its Canberra division. The sale is expected to close in during the first quarter of this year.

The company had actual cash and cash equivalents of $52.8 million, at the end of September 2000, the last date for which such a figure was available.

Packard’s shares were down 2 3/8, or 16 percent, at 12 1/4 in morning trading.

Me rrill Lynch, Credit Suisse First Boston, J.P. Morgan, Banc of America Securities, and Robert W. Baird are underwriting the offering.

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