By Lisa Kerner
Charlotte, N.C., April 9 - Agilent Technologies Inc. signed a definitive agreement to acquire Stratagene Corp. for $10.94 per share in cash.
The per-share price is a 28% premium to Stratagene's closing share price of $8.51 on April 5. Following the merger, Stratagene will operate as a division within Agilent's life sciences solutions unit, according to a company news release.
The transaction, subject to Stratagene stockholder approval, was unanimously approved by Stratagene's board and is expected to close in about 90 days.
As a result of the merger agreement, Stratagene will not hold its 2007 annual meeting but will instead hold a special meeting of stockholders to vote on the merger proposal.
Stratagene founder, chairman, chief executive officer and the company's largest shareholder Dr. Joseph A. Sorge formed a new company to pursue molecular diagnostic applications.
The new company will purchase some $6.6 million worth of Stratagene assets from Agilent immediately following the close of the transaction. In addition, Sorge's company plans to license certain molecular diagnostic technologies from Agilent.
Stratagene develops specialized life science research and diagnostic products in La Jolla, Calif. Agilent, based in Santa Clara, Calif., provides bio-analytical and electronic measurement solutions to the communications, electronics, life sciences and chemical analysis industries.
| Acquirer: | Agilent Technologies Inc.
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| Target: | Stratagene Corp.
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| Payment per share: | $10.94
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| Announcement date: | April 6
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| Expected closing: | Within 90 days
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| Stock price for target: | Nasdaq: STGN; $8.51 on April 5
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