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Life Technologies bid valued at $11B

by Scott Stuart  |  Published April 11, 2013 at 9:56 AM
Life Technologies Corp.'s exploration of alternatives is nearing a completion.

The life sciences company has been exploring strategic options since last summer through Moelis & Co. LLC and Deutsche Bank Securities Inc. Bids for the company are in and being considered, a source familiar with the situation said.

Private equity firms Blackstone Group LP, Kohlberg Kravis Roberts & Co. LP and Carlyle Group have made a joint offer, a source said. The PE group's bid is between $63 and $65 per share, placing an equity value of roughly $11 billion on the company.

TPG Capital had previously been named as a bidder, but it was not part of the final bidding group.

Life Technologies shares traded up 32 cents, or 0.5%, to $66.51, on reports that bids were falling in a range of $66 to $69 per share. Thermo Fisher Scientific Inc. is also reportedly still a bidder for Life Technologies. Thermo Fisher declined to comment. Thermo Fisher shares rose Wednesday, April 10, as much as $3.15, or 4%, to $81.53 per share.

There had been some expectation that Thermo Fisher could bid in the high $60s. Thermo Fisher shares might be up on the expectation that they will make a cash-heavy offer, an arb said.

Moelis and Deutsche Bank declined to comment.

Life Technologies announced the review in January after press reports that several bidders, including private equity firms, had taken an interest. The company provides an array of products used in biological research of genes, proteins and cells in academic, clinical and life sciences research. Life Technologies recently built up its molecular diagnostics capabilities and reduced some debt.

Life Technologies said previously it explores strategic options at least once a year and the process might not result in a transaction. The company traded at about $50 per share in January before reports of an active auction surfaced.

Life Technologies declined to comment.
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Tags: Blackstone Group | Carlyle Group | Deutsche Bank Securities | Kohlberg Kravis Roberts | Life Technologies | Moelis & Co. | Thermo Fisher Scientific | TPG Capital

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