Beckman Coulter Responds to Biosite Filing
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FULLERTON, Calif., April 10: Beckman Coulter, Inc. (NYSE:BEC), a leading developer, manufacturer, and marketer of products that simplify, automate, and innovate complex biomedical testing, today responded to the decision by the Board of Directors of Biosite(R) Incorporated (NASDAQ:BSTE) to authorize Biosite to engage and participate in discussions and negotiations with Inverness Medical Innovations, Incorporated (AMEX:IMA).
Scott Garrett, Beckman Coulter's President and Chief Executive Officer, said, "The conditional and uncertain terms of the Inverness offer should give the Biosite board and its stockholders enormous pause. In our view, the fact that Inverness has not proposed a tender offer, which could be concluded relatively quickly, speaks volumes about the firmness of its financing. Inverness' financing 'commitments' contain remarkably broad conditions and contingencies. It is not surprising, therefore, that Inverness instead is suggesting a one-step transaction - one that would take months to complete."
Mr. Garrett further suggested that the Biosite Board should communicate the risks and uncertainties of the Inverness offer to Biosite's stockholders who, based on trading levels in the marketplace, may be unaware of these risks.
"We remain committed to our transaction with Biosite and continue to be very enthusiastic about the prospects for developing Biosite and Beckman Coulter as a combined business," stated Mr. Garrett. "Given the significant contingencies and uncertainties associated with Inverness' proposal and the superiority of the transaction offered by Beckman Coulter's definitive merger agreement with Biosite, Beckman Coulter is waiving the requirement that Biosite provide Beckman Coulter 48 hours notice prior to engaging in discussions or negotiations with or furnishing non-public information to Inverness."
"We believe Biosite stockholders will conclude that Inverness is unable to make an offer for Biosite that is as compelling as the definitive transaction between Beckman Coulter and Biosite which is scheduled to be completed within the next 25 days. By waiving this 48-hour notice period, we are seeking to resolve the uncertainty in the marketplace resulting from Inverness' offer as quickly as possible," concluded Mr. Garrett.
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 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/
