NEW YORK (GenomeWeb News) – Sequenom said after the close of the market Friday that it has submitted an offer to the board of directors of Exact Sciences to acquire the firm in an all-stock transaction valued at $41 million.

Under the proposal, each share of Exact Sciences would be exchanged for $1.50 in Sequenom common stock. Sequenom said that offer is subject to a floating exchange rate within a 15 percent collar, in which Sequenom’s stock is trading between $20.74 and $28.06 per share. Sequenom’s shares closed at $23.02 on the Nasdaq, down nearly 6 percent for the day.

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