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news.Inverness Medical Innovations has said that Biosite Incorporated has failed to respond to its offer to acquire the company in a cash merger transaction for $90.00 per share.
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The proposal was delivered to medical diagnostics company Biosite on April 4th. Biosite has already agreed to a merger buyout with Beckman Coulter, a California company that designs, manufactures, and services laboratory systems. However, the offer by Inverness is superior to the previous bid made by Beckman Coulter at $85 per share in March.
“Our superior proposal is clear and bonafide, we have arranged the necessary financing commitments and we are determined to move forward to complete our superior transaction as expeditiously as Biosite and its board will allow. We therefore urge Biosite stockholders to contact their directors and demand that Biosite engage with us immediately,” commented Ron Zwanziger, president and CEO of Inverness.
Massachusetts-based Inverness manufacturers and markets pregnancy tests, diagnostics kits and vitamins.