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Exact Rejects Sequenom Acquisition Bid

Jan 13, 2009

NEW YORK (GenomeWeb News) - Exact Sciences said on Monday that its board of directors has rejected a bid from Sequenom to buy the company for $1.50 per share in Sequenom common stock.

Exact said that the board agreed unanimously to rebuff Sequenom's proposed acquisition, and that the company is "actively pursuing a strategic alternative" that could offer greater value for shareholders than the Sequenom offer.

That offer, which Sequenom advanced after the market close on Friday, was for a stock-for-stock transaction valued at $41 million. Sequenom's shares closed at $23.02 on Friday and dipped more than percent to close at $22.29 late Monday.

The purchase would have been a 69 percent premium to Exact Sciences' close on Jan. 8 of $.89 a share. That price swelled 52 percent today on the news of the offer to close at $1.50 a share.

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