NEW YORK (GenomeWeb News) – GE Healthcare has extended its previously announced offer to acquire all of the outstanding stock of Clarient until midnight, New York City time, on Dec. 16, 2010.
GE launched the $580 million acquisition offer for the molecular diagnostics and imaging firm in early November. The offer was scheduled to expire yesterday at midnight, but the offer was extended so investors can consider revised disclosures in a US Securities and Exchange Commission document related to the terms of a settlement with shareholders.
Following the announcement of the acquisition in late October, several shareholder lawsuits were filed against Clarient alleging that members of the firm's board of directors had breached their fiduciary duties. According to Clareint's filing with the SEC last week, the suits also alleged that the merger agreement involved "an unfair price, an inadequate sales process, unreasonable deal protection devices, and that defendants agreed to the merger to benefit themselves personally."
On Friday, Clarient entered into a memorandum of understanding with the shareholders to settle the litigation.
As of 5:00 PM on Dec. 2, approximately 48 percent of Clarient's outstanding common shares had been tendered.