Inverness completes tender offer for Biosite, subsequent offer begins

By Lisa Kerner

Charlotte, N.C., June 26 - Inverness Medical Innovations Inc. said 15,759,794 shares representing 87.6% of Biosite Inc.'s outstanding stock were tendered in the offer that ended at midnight ET on June 25.

The tendered shares, together with the 750,000 shares that Inverness currently owns, represent about 91.7% of Biosite's common stock, according to a company news release.

All shares that were validly tendered and not withdrawn have been accepted for purchase, Inverness said.

Inverness financed the Biosite tender offer using cash plus proceeds from a $1.05 billion first-lien loan facility.

A subsequent offering period ends at midnight ET on June 28 at the same $92.50-per-share cash consideration paid during the initial offering period.

To facilitate the purchase of Biosite, Inverness also accepted for purchase $150 million of its 8¾% senior subordinated notes due 2012. The company expects to purchase the notes for a total of some $164.1 million, including accrued interest.

Biosite, a San Diego-based biomedical company, and Inverness, a Waltham, Mass., diagnostic device developer, announced their definitive merger agreement on May 17.

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