Inverness Medical, Biosite merger clears waiting period hurdle

By Lisa Kerner

Charlotte, N.C., June 7 - The Hart-Scott-Rodino waiting period has expired in the proposed acquisition of Biosite Inc. by Inverness Medical Innovations, Inc. without a request for additional information.

On May 17, Inverness Medical announced a definitive merger agreement to acquire Biosite in a $92.50-per-share cash tender offer.

The tender offer and withdrawal rights are set to expire at midnight ET on June 25, according to a company news release. Under the agreement, at least a majority of the outstanding Biosite shares must be tendered.

If the tender offer is not closed by July 3, Biosite's shareholders will receive $0.015205 per share for each day following July 3 until the tender offer is closed. The transaction is expected to close at the end of the second quarter or at the beginning of the third quarter of 2007.

Biosite is a San Diego-based biomedical company, and Inverness is a diagnostic device developer based in Waltham, Mass.

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