Biosite to review revisions from Inverness Medical as Beckman Coulter tender offer continues

By Lisa Kerner

Charlotte, N.C., April 18 - Biosite Inc. received revised commitment letters from Inverness Medical Innovations, Inc.'s proposed financing sources in the company's bid to acquire Biosite for $90.00 per share in cash.

The company's board of directors, with the assistance of its legal advisers and Goldman Sachs & Co., will review and evaluate 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 $85.00-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. The merger agreement between Biosite and Beckman Coulter remains in effect and has not been withdrawn, qualified, modified, changed or amended by Biosite's board.

On April 17, Biosite and Beckman Coulter announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act had expired without an addition 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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