The $38 per share offer, which represents a premium of nearly 17% to Applied Bio's $32.44 close Wednesday, will take the form of cash and stock likely in a 45-to-55 ratio, according to a statement.
The news sent the Foster City, Calif.-based target's shares up nearly 7% Thursday morning, before settling to $34.87, a gain of 2.43%. Invitrogen shares were down more than 10% Thursday morning at $38.97.
The combined entity will be renamed Applied Biosystems Inc. and is expected to have nearly $3.5 billion in combined sales, the statement said, pointing to strong suits in genetic analysis and proteomics, as well as cell biology and systems. --
Carolyn MurphySee full story on
TheDeal.com
