Waiting period expires in Beckman Coulter's acquisition of Biosite; transaction slated to close in May

By Lisa Kerner

Charlotte, N.C., April 17 - The waiting period under the Hart-Scott-Rodino Antitrust Improvement Act has expired without an additional request for information in the proposed acquisition of Biosite Inc. by Beckman Coulter, Inc.

Louisiana Acquisition Sub, Inc., a subsidiary of Beckman Coulter, began a tender offer on April 2 to acquire all of Biosite's outstanding shares of common stock for $85.00 per share. The tender offer expires April 27, according to a company news release.

A majority of the outstanding Biosite shares must be tendered as a condition of the offer.

"Expiration of the waiting period without a second request for information further demonstrates the certainty of Beckman Coulter's transaction with Biosite, and we remain on schedule to close the transaction by early May," Beckman Coulter president and chief executive officer Scott Garrett said in a company news release.

On April 10, Biosite's board of directors said it will consider a proposal from Inverness Medical Innovations, Inc. to acquire Biosite for $90.00 per share, which could lead to a superior proposal as defined in the company's merger agreement with Beckman Coulter.

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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