Siemens to accept 94% of Dade Behring shares in tender offer

By Lisa Kerner

Charlotte, N.C., Nov. 1 - Siemens Corp. said it intends to accept all of the 72,989,428 shares validly tendered in its offer for Dade Behring Holdings, Inc. that ended on Wednesday.

Some 94% of Dade Behring's stock was tendered, including 2,663,344 shares to be tendered under guaranteed delivery procedures.

Siemens, through its wholly owned subsidiary Belfast Merger Co., began the $77-per-share cash tender offer on Aug. 8. The company plans to integrate Dade Behring into Siemens Medical Solutions Diagnostics, a wholly owned subsidiary of Siemens Medical Solutions USA, Inc.

"With its strong position in the field of clinical chemistry, Dade Behring complements our existing laboratory business," Siemens Medical Solutions president and chief executive officer Erich R. Reinhardt said in a company news release.

"Plus, its unique, fully integrated IT platforms for combining chemistry and immunodiagnostics dramatically improve laboratory workflow, supporting Siemens' commitment to partner with its customers to deliver increased efficiency throughout the health care enterprise," Reinhardt added.

Dade Behring, a clinical diagnostics company based in Deerfield, Ill., operates in 35 countries.

Siemens is a subsidiary of Munich-based Siemens AG, which develops and manufactures electrical engineering products and electronics.

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