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Unsolicited Bid Causes Applied Imaging to Raise Price Genetix Must Pay for It

Nov 03, 2006
NEW YORK (GenomeWeb News) — Applied Imaging today said that an unsolicited bid from a third party to acquire all of its outstanding shares has caused it to the raise by around 24 percent the original price that suitor Genetix will pay to acquire it.
 
Genetix will now pay around $22.7 million for Applied Imaging after the companies amended the terms of the acquisition on Nov. 2 following the unsolicited bid.
 
As GenomeWeb News reported in September, Genetix said it would acquire Applied Imaging for $18.3 million in cash, or $3.06 per share. At the time the companies said the deal would close in the fourth quarter
 
Yesterday’s amendment increased from $3.70 per share to $3.80 the amount Genetix will pay for Applied Imaging's stockholders per share.
 
The firms said they expect to meet on Nov. 21 to approve the proposed acquisition.

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