Genetix has upped its bid for Applied Imaging (AI) for the third time by about 26.5% from its original offer to $23.2 million. The amendment comes after an unnamed third party made an unsolicited bid that prompted AI to hike its asking price to $3.80 per share. AI plans to discuss the proposed acquisition on November 21, 2006.
Genetix initially announced its plan to take over AI on September 1, 2006, for $18.3 million, or $3.06 per share. After the yet unnamed suitor came forth on October 23, AI boosted its consideration to $3.50 per share. Genetix accordingly raised its offer to $21.2 million, representing approximately $268,627 more than what AI asked. The bidding war continued with another unsolicited proposal seven days later that spurred AI to petition an amount of $3.70 per share. Genetix once again adjusted its buying price to $22.5 million, about $372,549 more than AI’s request.
Genetix’ latest offer marks the largest upgrade over AI’s asking price of $3.80 per share at about $474,509. The company maintains that this acquisition will help it broaden its competencies in cell imaging and analysis. AI manufactures automated image capture and analysis systems for use in cytogenetics laboratories in the U.S., with a growing presence in the cancer pathology market.