Gen-Probe will not raise Innogenetics bid
USA-based Gen-Probe said it will not raise its 6.10 euros ($9.58) per share bid for Innogenetics, after rival Solvay Pharmaceuticals increased its offer on the Belgian molecular diagnostics firm to 6.50 euros per share.
Last month (Marketletter June 9), San Diego-based Gen-Probe launched its offer, worth a total of 215.0 million euros ($334.0 million) in cash, a 7% premium to Innogenetics' closing price on June 2, beating Solvay's April offer of 5.75 euros per share (Marketletter May 5).
With Solvay's new offer, the transaction value is 200.7 million euros for 100% of the outstanding shares in Innogenetics, a 74% premium to the closing price of April 24, the day before Solvay's initial bid, and a 61% premium to the volume-weighted average share price over the preceding month. As part of the offer, Solvay says it will also buy Innogenetics' warrants and convertible bonds.
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