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Beckman Coulter plans to issue convertibles to help fund $1.55 billion Biosite acquisition
By Angela McDaniels
Seattle, April 2 - Beckman Coulter, Inc. expects that about half of the permanent financing for its proposed acquisition of Biosite Inc. will consist of convertible notes, according to a company news release.
The remainder will be comprised of straight debt.
The company announced on March 25 that it entered into a definitive merger agreement to acquire all of Biosite's outstanding common stock in a cash tender offer of $85.00 per share, or about $1.55 billion.
Financing for the transaction has been fully committed by Morgan Stanley and Citigroup, according to the release.
Further details about the permanent financing will be provided following the close of the cash tender offer, which is expected to occur in the second quarter.
Beckman Coulter is based in Fullerton, Calif., and develops products used to automate biomedical tests.
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