Product lines evolve and change; please contact the company for current information.
FULLERTON, Calif., May 14: Beckman Coulter, Inc. (NYSE:BEC) today announced that it would not increase the price offered for shares of the common stock (the "Shares") of Biosite Incorporated (NASDAQ:BSTE) in Beckman Coulter's currently pending tender offer beyond the current offer price of $90 per Share. Beckman Coulter believes that the long-term interests of Beckman Coulter stockholders would not be served by increasing the tender offer price.
Scott Garrett, Beckman Coulter's President and Chief Executive Officer, said, "Our priority throughout this process has been to create sustainable value for Beckman Coulter's shareholders. We continue to believe the combination of Biosite with Beckman Coulter is strategically sound. At $90 per share, our revised merger agreement includes a full and fair price for Biosite, and with all regulatory clearances associated with this transaction already in hand, is highly certain."
Continued Garrett, "The Board of Directors of Biosite has informed us that they have concluded that the recent offer from Inverness is a superior proposal to the revised merger agreement between Beckman Coulter and Biosite dated May 1, 2007. Although we do not agree with this conclusion, we expect that Biosite will terminate its existing merger agreement with Beckman Coulter and, concurrently, pay Beckman Coulter a termination fee of $54 million."
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 $2.53 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/