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Varian, Agilent Extend Date of Expected Merger Completion

NEW YORK (GenomeWeb News) – Varian has provided Agilent Technologies with a written notice that it has extended the "end date" for their merger agreement 90 days to April 26, 2010.

Varian disclosed the extension in a US Securities and Exchange Commission filing last week. It said that the deal is still subject to regulatory approvals and other closing conditions.

Agilent signed a definitive agreement to acquire Varian for $52 per share, or a total of around $1.5 billion, back in July.

The merger was cleared by European regulatory authorities two weeks ago, but with conditions, including the sale of product lines accounting for revenues of "under $100 million" in 2009. The firms were not more specific regarding the revenue figures.

The product lines to be sold include Varian's laboratory gas chromatography business, its triple quadrupole gas chromatography-mass spectrometry business, and its inductively coupled plasma-mass spectrometry business. In addition, Agilent has committed to sell its micro gas chromatography business.

The partners have said that they do not expect US regulators to seek any additional remedies beyond those stipulated in Europe. However, the US Federal Trade Commission has yet to clear the deal.

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