Cytyc offers A$497 million for Vision Systems

New York, Sept. 13 - Cytyc Corp. announced it plans a tender offer to acquire Vision Systems Ltd. for A$2.35 per share in cash, or a total of A$497 million.

"Vision Systems is an exciting growth company with best-in-class products for the global anatomic pathology market," said Patrick J. Sullivan, Cytyc's chairman, president and chief executive officer, in a news release. "This acquisition offers unique and powerful synergies for both Vision and Cytyc with no product overlap."

Cytyc said its 175-person worldwide sales, service and laboratory support infrastructure will be able to distribute Vision Systems' products while Vision Systems' product development unit strengthen Cytyc's position in the diagnostics market.

Cytyc has a financing commitment from Morgan Stanley which, along with available cash and committed financing facilities, will be used to finance the acquisition.

It said the bid is a 43% premium to Vision System's stock price on Aug. 9, the day before Ventana announced its bid for the company, and A$0.22 or 10.3% above Ventana's bid.

Cytyc is a Marlborough, Mass., medical technology company. Vision Systems is a Melbourne, Australia, maker of automated instruments and provider of life sciences research and product development services.

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