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Biosite to evaluate revised financing commitment letters from Inverness; Beckman Coulter deal continues
By Lisa Kerner
Charlotte, N.C., April 20 - Biosite Inc. received copies of further revised commitment letters from Inverness Medical Innovations, Inc.'s proposed financing sources regarding Inverness' proposal to acquire Biosite for $90.00 per share in cash.
Inverness provided Biosite with copies of initial commitment letters on April 4 and revised commitment letters on April 17.
Biosite's board, along with its financial adviser, Goldman Sachs & Co., and its legal advisers, Cooley Godward Kronish LLP and Potter Anderson & Corroon LLP, will review the new information.
Inverness' proposal is reasonably likely to lead to a superior proposal as defined in the merger agreement that Biosite entered into with Beckman Coulter, Inc. on March 24, according to a company news release. That agreement includes a $5.6 million termination fee.
Louisiana Acquisition Sub, Inc., a subsidiary of Beckman Coulter, began an $85-per-share cash tender on April 2 for all of the outstanding shares Biosite's common stock. The offer is slated to end at midnight ET on April 27.
On April 17, Biosite and Beckman Coulter announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act had expired without an additional request for information.
Biosite is a San Diego-based biomedical company that develops products used in making medical diagnoses.
Beckman Coulter, located in Fullerton, Calif., develops products to automate biomedical tests.
Inverness, a diagnostic device developer based in Waltham, Mass., owned roughly 4.7% of Biosite's outstanding common stock as of April 5.
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