It looks like Solvay, not Gen-Probe [1], will be buying Belgium's Innogenetics. Back in April Solvay made a $278.2 million (€177.6 million) takeover bid [2] for the company, but San Diego-based Gen-Probe trumped that offer, pledging $334 million for Innogenetics. That meant Innogenetics would get $9.58 per share, but Solvay has now offered $10.22. Gen-Probe won't pursue the deal, saying that a higher offer doesn't make financial sense for the company.
When it first pursued a buyout back in April, Solvay said it was looking to expand the company's diagnostics business. Solvay and Gen-Probe have been R&D partners since 1997; Solvay is the company's second largest shareholder.
- check out the report [3]
Related Articles:
Gen-Probe bids $334 for Innogenetics [1]
Innogenetics open to Solvay's $278.2M bid [2]
Innogenetics restructures its subsidiary GENimmune [4]
Links:
[1] http://www.fiercebiotech.com/story/gen-probe-bids-334-for-innogenetics/2008-06-03
[2] http://www.fiercebiotech.com/story/innogenetics-open-to-solvay-s-278.2m-bid/2008-04-25
[3] http://money.cnn.com/news/newsfeeds/articles/apwire/2bd130fa0f8594e35ff0ccf09f1e8423.htm
[4] http://www.fiercebiotech.com/press-releases/innogenetics-announces-intention-restructure-its-subsidiary-genimmune