NEW YORK (GenomeWeb News) – Thermo Fisher Scientific announced today that it has completed its tender offer for Dionex and expects to complete its purchase of the chromatography firm through a short-form merger later this week.
As of the expiration of the offer last Friday and based on preliminary information, more than 16 million shares were tendered and not withdrawn in the tender offer, representing 93 percent of Dionex's issued and outstanding shares.
Thermo Fisher will pay $118.50 per share in cash for all remaining Dionex shares in its short-form merger.
The tender offer follows European Union clearance last week of the $2.1 billion acquisition. The deal received US clearance in January, and strengthens Thermo Fisher's position in the chromatography space, particularly in ion and liquid chromatography.
When the deal was announced, Thermo Fisher said that total operating synergies were expected to reach $15 million in the first year after its close, and $60 million by the third year. It also is expected to be accretive to adjusted EPS by $.13 to $.15 in the first 12 months after the close.
"With Dionex, we will expand our presence in attractive applied markets, including environmental analysis, water testing, and food safety, and increase our commercial capabilities in China and other growing Asia-Pacific regions," Marc Casper, president and CEO of Thermo Fisher, said in a statement today.