The board of directors at Applera formally approved the proposed separation of the Celera Group from its remaining businesses. The separation will be accomplished by means of a redemption of all of the outstanding shares of Applera-Celera Group tracking stock.
In the redemption, each outstanding share of Celera Group tracking stock will be redeemed in exchange for one share of common stock of Celera. Upon completion of the separation, Celera will hold all of the businesses, assets, and liabilities attributed to the Celera Group and will be an independent, publicly traded company whose shares are expected to be listed on The NASDAQ Stock Market.
The separation is expected to be completed at 12:01 a.m. ET, on July 1, 2008, subject to a number of conditions. Kathy Ordoñez, currently president of the Celera Group, will serve as Celera’s CEO, and the company’s corporate headquarters will be based in Alameda, California.