Thermo Fisher Completes Acquisition of Affymetrix
March 31 2016 - 3:10PM
Dow Jones News
Thermo Fisher Scientific Inc. said Thursday that it completed
its acquisition of Affymetrix Inc. for $1.3 billion, following
Affymetrix's rejection earlier in the week of a higher rival bid
submitted by former executives of the company.
Thermo Fisher said the deal closed after Affymetrix stockholders
approved the deal at a special meeting Thursday.
Last week, Origin Technologies Corp., a newly formed entity
owned by former Affymetrix executives, increased its all-cash offer
to $17 a share, valuing Affymetrix at about $1.58 billion and
trumping its previous offer of $16.10 a share.
In January, Thermo Fisher agreed to buy Affymetrix for about $14
a share, or roughly $1.3 billion, in a bid to boost its
biogenetic-analysis portfolio. The Thermo deal offered a 52%
premium to Affymetrix's stock price before the announcement.
As a result of the completed transaction, Affymetrix stock will
stop trading and won't be listed on the Nasdaq. Shares of
Affymetrix rose 2 cents to $14.01 in afternoon trading
Thursday.
On Monday, Origin dropped its pursuit after Affymetrix rejected
its offer. At the time, Affymetrix said "the board found the risks
to initiating and consummating a potential transaction with Origin
outweighed the potential benefit."
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
March 31, 2016 14:55 ET (18:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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