Biosite Announces Expiration of Hart-Scott-Rodino Waiting Period for Tender Offer With Beckman Coulter
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SAN DIEGO, April 17: Biosite Incorporated (NASDAQ:BSTE) today announced that the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired without a request for additional information from the U.S. Federal Trade Commission with respect to the proposed acquisition of shares of Biosite by Beckman Coulter, Inc. (NYSE:BEC) pursuant to the tender offer described below. The expiration of the Hart-Scott-Rodino waiting period has satisfied one of the conditions to the closing of the tender offer.
The tender offer is conditioned upon at least a majority of the outstanding Biosite shares, determined on a fully diluted basis, being tendered, as well as the satisfaction of regulatory and other customary conditions. Approval of the transaction by Beckman Coulter's shareholders is not required.
As previously announced, a subsidiary of Beckman Coulter has commenced a cash tender offer to acquire all of Biosite's outstanding shares of common stock for $85.00 per share. Unless the tender offer is extended, it and any withdrawal rights to which Biosite's stockholders may be entitled will expire at 12:00 midnight, New York City time, on Friday, April 27, 2007 (the end of the day on Friday).
Goldman Sachs is acting as financial advisor to Biosite and Cooley Godward Kronish LLP and Potter Anderson & Corroon LLP are serving as legal advisors.
About Biosite
Biosite Incorporated is a leading bio-medical company commercializing proteomics discoveries for the advancement of medical diagnosis. The company's products contribute to improvements in medical care by aiding physicians in the diagnosis of critical diseases and health conditions. The Biosite Triage® rapid diagnostic tests are used in more than 70 percent of U.S. hospitals and in more than 60 international markets. Information on Biosite can be found at www.biosite.com.
Source: Biosite Incorporated
CONTACT: Nadine Padilla, Vice President, Corporate & Investor Relations, Biosite Incorporated, +1-858-805-2820; Joele Frank or Dan Katcher, 212-335-4449, Biosite Incorporated
Web site: www.biosite.com/
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