Eppendorf plans to acquire New Brunswick Scientific (NBS) in a transaction valued at approximately $110 million. The company will pay $11.50 per share of outstanding common stock and will settle all the outstanding stock options for cash. While the price represents a 43.75% premium over NBS’ closing value yesterday, NBS opened trading today at $11.25.
"While there is always some sadness in selling the company that we have built,” remarks David Freedman, co-founder and chairman of NBS, “I am pleased that Eppendorf is the buyer. This well-regarded manufacturer offers the opportunity to continue the NBS brand, to support our customers and our products, and to offer the opportunity for our employees to continue with NBS."
The companies anticipate closing the deal sometime during the third quarter of 2007. Eppendorf has already received commitments from nearly 26% of the current outstanding shares. NBS will then become a wholly owned subsidiary of Eppendorf and its common stock will no longer be publicly traded.
"Eppendorf is committed to providing our customers products and services that deliver them superior technology, quality, reliability, and value," comments Klaus Fink, CEO of Eppendorf. “NBS's strong brand recognition and leadership position in complementary market segments makes this a compelling acquisition opportunity for Eppendorf.”