Beckman Coulter Proposed Acquisition of Biosite Passes Milestone with U.S. Regulatory Approval
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FULLERTON, Calif., April 17: Beckman Coulter, Inc. (NYSE:BEC), a leading developer, manufacturer, and marketer of products that simplify, automate, and innovate complex biomedical testing, today announced that the mandatory waiting period associated with its proposed acquisition of Biosite® Incorporated (NASDAQ:BSTE) under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, has expired. The U.S. Federal Trade Commission did not request any additional information or documentary material.
Scott Garret, Beckman Coulter President and Chief Executive Officer, said, "We are pleased to have achieved this significant milestone toward the completion of our acquisition of Biosite. 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. We continue to be very enthusiastic about the prospects for developing Biosite and Beckman Coulter as a combined business."
As announced on April 2, 2007, Louisiana Acquisition Sub, Inc., a wholly-owned subsidiary of Beckman Coulter, has commenced a tender offer for all outstanding shares of Biosite at a price of $85.00 per share in cash. The offer price represents an approximately 53.5% premium over Biosite's closing stock price of $55.38 on March 23, 2007, the last trading day before the announcement of Beckman Coulter's intention to make the offer pursuant to a definitive merger agreement between Beckman Coulter and Biosite. The Beckman Coulter tender offer is not subject to any financing conditions and is scheduled to be completed at 12:00 midnight, New York City time, on Friday, April 27, 2007 (the end of the day on Friday).
About Beckman Coulter
Beckman Coulter, Inc., based in Fullerton, California, develops, manufactures and markets products that simplify, automate, and innovate complex biomedical tests. More than 200,000 Beckman Coulter systems operate in laboratories around the world supplying critical information for improving patient health and reducing the cost of care. Recurring revenues consisting of supplies, test kits, service and operating-type lease payments represent more than 75 percent of the company's 2006 annual sales of $2.5 billion. For more information, visit www.beckmancoulter.com.
Source: Beckman Coulter, Inc.
CONTACT: Investor Relations Beckman Coulter, Inc., +1-714-773-7620
Web site: www.beckmancoulter.com/
