Biosite Incorporated Receives Further Revised Commitment Letters From Inverness Medical Regarding Possible Merger Transaction
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SAN DIEGO, April 20: Biosite Incorporated (NASDAQ:BSTE) today announced that, on April 19, 2007, Inverness Medical Innovations, Inc. (AMEX:IMA) provided Biosite with copies of further revised commitment letters from Inverness' proposed financing sources in connection with the previously announced acquisition proposal made by Inverness to acquire all of Biosite's outstanding shares of common stock, other than Biosite shares already owned by Inverness, for $90.00 per share in cash. As previously announced, Inverness provided Biosite with copies of an initial set of commitment letters on April 4, 2007 and a revised set of commitment letters on April 17, 2007. Complete copies of the commitment letters received on April 19, 2007 (which, among other things, identify certain conditions to the financing contemplated thereby) are being filed today with the SEC as exhibits to Amendment No. 7 to Biosite's Schedule 14D-9 relating to its pending merger agreement with Beckman Coulter, Inc. (NYSE:BEC).
Biosite's Board of Directors, with the assistance of its financial advisor, Goldman Sachs & Co., and its legal advisors, Cooley Godward Kronish LLP and Potter Anderson & Corroon LLP, will review and evaluate the new information provided by Inverness.
As previously announced on March 25, 2007, a subsidiary of Beckman Coulter has commenced a cash tender offer to acquire all of the outstanding shares of common stock of Biosite for $85.00 per share. Unless the Beckman Coulter 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).
The Biosite Board has not withdrawn, qualified, modified, changed or amended its recommendation with respect to the Beckman Coulter tender offer, and the merger agreement between Biosite and Beckman Coulter remains in effect.
About Biosite
Biosite Incorporated is a leading bio-medical company commercializing proteomics discoveries for the advancement of medical diagnosis. Biosite'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 of Biosite Incorporated, +1-858-805-2820; r Joele Frank or Dan Katcher, +1-212-335-4449, Biosite Incorporated
Web site: www.biosite.com/
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