Biosite says Inverness' latest proposal could be superior to Beckman Coulter deal

By Lisa Kerner

Charlotte, N.C, May 10 - Biosite Inc.'s board of directors determined that the May 9 offer from Inverness Medical Innovations, Inc. is reasonably likely to lead to a superior proposal as defined in its May 1 amended merger agreement with Beckman Coulter, Inc.

Inverness increased its offer for Biosite to $92.50 per share from $90. Biosite's board authorized the company to engage in negotiations with Inverness after giving a 48-hour notice to Beckman Coulter.

The board has not withdrawn, qualified, modified, changed or amended its recommendation with respect to Beckman Coulter's $90 per share tender offer that expires on May 15. Total value of the tender offer is about $1.67 billion. Some 70,000 shares had been tendered as of May 1, according to a company news release.

Biosite is a San Diego-based biomedical company, while Beckman Coulter, located in Fullerton, Calif., develops products to automate biomedical tests.

Inverness is a diagnostic device developer based in Waltham, Mass.

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