Acquisition price covers 77.7% of shares, and Bio-Rad plans to conduct a tender offer for the remaining 12.7% not held by DiaMed as treasury shares.
Bio-Rad Laboratories plans to acquire DiaMed Holding for CHF 477 million, or approximately $391.48, through a definitive agreement. This price covers 77.7% of DiaMed’s outstanding shares.
DiaMed holds approximately 9.6% of its outstanding shares as treasury shares. After the closing of this transaction, Bio-Rad reports that it will conduct a tender offer to acquire the remaining 12.7% outstanding shares.
“DiaMed has an outstanding reputation for quality products and customer care,” reports John Goetz, Bio-Rad vp and group manager, clinical diagnostics. “We believe this portfolio of products will fit in well with Bio-Rad’s existing diagnostics business.”
DiaMed develops, manufactures, and markets a complete line of reagents and instruments used in blood typing and screening. The company has annual sales of approximately $200 million to hospitals, clinical laboratories, and blood banks in more than 100 countries, according to Bio-Rad.
Bio-rad expects to close the acquisition later this year.