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UPDATE: Geneart Boards Recommend Acceptance of Life Tech Acquisition Bid

This article has been updated to include the total purchase price of the acquisition.

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Geneart today said that its Management Board and Supervisory Board have recommended that shareholders accept Life Technologies' bid to acquire all of the firm's outstanding shares.

Last week, Geneart said that Life Technologies had purchased 58 percent of its outstanding shares, making Life Tech the majority shareholder of the Regensburg, Germany-based gene synthesis firm. At the time, it said that Life Technologies' subsidiary Applied Biosystems Deutschland would launch a voluntary public tender offer for the remaining shares.

In a notice posted today on its website, Geneart said that Life Technologies, through the subsidiary, had acquired 2,631,552 shares of the firm. A Life Technologies spokesperson confirmed that the firm had acquired those shares at a price of €11.59 ($15.63) per share.

The tender offer seeks to acquire the remaining 1,856,248 shares for €13.75 per share, placing the total value of the deal at approximately €56 million.

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