(Reuters) - Genetic testing equipment maker Life Technologies Corp has agreed to a $13.6 billion cash buyout by Thermo Fisher Scientific Inc, in one of the year's biggest corporate takeovers.
The acquisition values Life Tech at $76 per share and would catapult Thermo Fisher into the hot field of genetic sequencing where researchers, drugmakers and doctors are uncovering the genetic factors underpinning diseases to better tailor treatments to patients.
The offer represents a premium of about 12 percent to Life Tech's Friday close.
Life Tech shares were up 8 percent at $73.40 before the bell. They closed at $68 on Friday on the Nasdaq. Thermo Fisher shares were up 1 percent.
"The acquisition of Life Technologies enhances all three elements of our growth strategy: technological innovation, a unique customer value proposition and expansion in emerging markets," Thermo Fisher CEO Marc Casper said in a statement.
Thermo Fisher expects the deal to close early in 2014 and immediately add to its adjusted earnings.
It will also assume Life Tech's net debt of about $2.2 billion as at end 2012.
The scientific and laboratory instruments maker has obtained committed bridge financing from J.P. Morgan and Barclays.
Life Tech' board met on Saturday to review three takeover offers.
Sources familiar with the matter told Reuters on Sunday the company chose Thermo Fisher over Sigma-Aldrich Corp, a maker of chemicals for research laboratories, and a private equity consortium consisting of Blackstone Group, Carlyle Group, KKR & Co and Temasek Holdings.
J.P. Morgan and Barclays acted as financial advisors to Thermo Fisher, while Deutsche Bank Securities and Moelis & Co advised Life Tech.
(Reporting by Michele Gershberg in New York and Esha Dey in Bangalore; Editing by Maureen Bavdek and Roshni Menon)
Source: http://news.yahoo.com/life-tech-13-6-billion-buyout-thermo-fisher-113723093--sector.html
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