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Danaher Prices $2.76B Offering of Common, Preferred Stock

NEW YORK (GenomeWeb) – Danaher said after the close of the market on Tuesday that it has priced its concurrent public offering of common stock and mandatory convertible preferred stock.

The company is offering 11 millionshares of its common stock at $123 per share and 1.5 million shares of its 4.75 percent Series A Mandatory Convertible Preferred Stock at $1,000 per share. The underwriters have separate 30-day options to purchase up to an additional 1.1 million shares of common stock and up to an additional 150,000 shares of mandatory convertible preferred stock.

Barclays and Goldman Sachs are the representatives of the underwriters and joint book-running managers for the offerings. Credit Suisse and HSBC also are joint book-running managers.

Net proceeds from the common stock offering is expected to be about $1.31 billion, and net proceeds from the mandatory convertible preferred stock offering is expected to be about $1.45 billion. If the underwriters exercise their options in full, net proceeds from the common stock offering are anticipated to be approximately $1.44 billion and net proceeds from the mandatory convertible preferred stock are anticipated to be about $1.60 billion.

Danaher intends to use the financing to fund a portion of its proposed $21.4 billion acquisition of GE Biopharma. The offerings are expected to be completed on March 1.

In morning trading on the New York Stock Exchange, Danaher's shares rose more than 2 percent to $126.32.

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