GE Healthcare set to Acquire Biacore
As at the close of the acceptance period under the Offer on 10 August 2006, GE Healthcare had received acceptances of its Offer from shareholders representing 9,567,184 shares.
17/08/06 GE Healthcare, acting through GE Medical Holding AB has announced that it is proceeding with its public offer for Biacore International AB. As at the close of the acceptance period under the Offer on 10 August 2006, GE Healthcare had received acceptances of its Offer from shareholders representing 9,567,184 shares.
In addition, GE Healthcare has obtained a contractual right to acquire in excess of 700,000 Biacore warrants, which in combination with the acceptances received from shareholders, provides GE Healthcare with control in excess of 98 per cent of the shares in Biacore on a fully diluted basis. Since the conditions of the Offer are fulfilled, GE Healthcare is completing the Offer and starting settlement on 15 August 2006.
Peter Ehrenheim, GE Healthcare Life Sciences CEO, commented: "We are very pleased that shareholders supported our acquisition of Biacore. We are truly excited by the prospects for Biacore as part of GE Healthcare’s Life Sciences business and look forward to developing joint offerings that will create added value for our customers in biomedical and drug discovery research.”
Settlement in respect of valid acceptances of the Offer received by 10 August 2006 will take place on 15 August 2006. The acquisition will be effective on 15 August 2006 and subsequently Biacore will become a subsidiary of GE Healthcare. Remaining shares: GE Healthcare has decided to extend the acceptance period under the Offer until 24 August 2006, 5:00 p.m. (CET), so as to allow time for remaining shareholders in Biacore who wish to accept the Offer to do so.
GE Healthcare intends to initiate a compulsory acquisition process under the Swedish Companies Act in order to acquire those shares in Biacore that it does not own following completion of the Offer.
