Chairman/CEO makes non-binding bid for LSR

New Jersey, USA-based Life Sciences Research says that its chairman and chief executive, Andrew Baker, has made a non-binding proposal to  acquire all of the outstanding shares of LSR for a price of $7.50 each  pursuant to a letter dated March 3. LSR's common stock closed at $4.79  per share on that date.

The letter indicates that the proposal is conditioned upon satisfactory  completion of due diligence, negotiation of definitive transaction  documents, receipt of the requisite financing commitments and receipt of  necessary board approval. Mr Baker says in the letter that he has  commenced exploring potential financing sources and that, while he is  confident that he will be able to secure the requisite financing for the  proposal, there can be no assurance of success.

The board of LSR has established a special committee of independent  directors to act on behalf of the firm with respect to consideration of  the proposal and other strategic alternatives. The process of  considering the proposal is only in its beginning stages and  consequently no decisions have been made by the special committee of the  board in respect of LSR's response, if any. Shareholders are not being  asked to take any action with respect to the proposal.