Inverness and Biosite Announce Expiration of Hart-Scott-Rodino Waiting Period
June 07 2007 - 9:00AM
Business Wire
Inverness Medical Innovations, Inc. (Amex: IMA) and Biosite
Incorporated (Nasdaq: BSTE) today announced that the waiting period
required under the Hart-Scott-Rodino Antitrust Improvements Act of
1976 with respect to Inverness� proposed acquisition of Biosite
pursuant to a cash tender offer of $92.50 per share has expired
without a request for additional information. The expiration of the
Hart-Scott-Rodino waiting period has satisfied one of the
conditions to the closing of the tender offer. The tender offer and
withdrawal rights are currently scheduled to expire at 12:00
midnight, New York City time, on Monday, June 25, 2007 (the end of
the day on Monday), unless extended. Advisors: UBS Investment Bank
is acting as financial advisor to Inverness as well as serving as
dealer manager for the proposed tender offer. Covington Associates
is acting as financial advisor to Inverness and Goldman, Sachs
& Co. is acting as financial advisor to Biosite. Goodwin
Procter LLP is serving as legal counsel to Inverness and Cooley
Godward Kronish LLP and Potter Anderson & Corroon LLP are
serving as legal counsel to Biosite. About Inverness: Inverness
Medical Innovations, Inc. is a leading developer of advanced
diagnostic devices and is presently exploring new opportunities for
its proprietary electrochemical and other technologies in a variety
of professional diagnostic and consumer-oriented applications
including immuno-diagnostics with a focus on women's health,
cardiology and infectious disease. The Company's new product
development efforts, as well as its position as a leading supplier
of consumer pregnancy and fertility/ovulation tests and rapid
point-of-care diagnostics, are supported by the strength of its
intellectual property portfolio. Inverness is headquartered in
Waltham, Massachusetts. For additional information on Inverness
Medical Innovations, Inc., please visit our website at
www.invernessmedical.com. About Biosite: Biosite Incorporated is a
leading bio-medical company commercializing proteomics discoveries
for the advancement of medical diagnosis. The company's products
contribute to improvements in medical care by aiding physicians in
the diagnosis of critical diseases and health conditions. The
Biosite Triage(R) rapid diagnostic tests are used in more than 70
percent of U.S. hospitals and in more than 60 international
markets. Information on Biosite can be found at www.biosite.com.
Additional Information About the Proposed Transaction and Where to
Find It: This press release is neither an offer to purchase nor a
solicitation of an offer to sell shares of Biosite. Stockholders of
Biosite are urged to read the relevant tender offer documents
because they contain important information that stockholders should
consider before making any decision regarding tendering their
shares. Inverness and its acquisition subsidiary have filed tender
offer materials with the U.S. Securities and Exchange Commission
(SEC), and Biosite has filed a Solicitation/Recommendation
Statement with respect to the offer. The tender offer materials
(including an Offer to Purchase, a related Letter of Transmittal
and certain other offer documents) and the
Solicitation/Recommendation Statement contain important
information, which should be read carefully before any decision is
made with respect to the tender offer. The Offer to Purchase, the
related Letter of Transmittal and certain other offer documents, as
well as the Solicitation/Recommendation Statement, are available to
all stockholders of Biosite at no expense to them. The tender offer
materials and the Solicitation/Recommendation Statement are
available for free at the SEC�s website at http://www.sec.gov. In
addition, stockholders are able to obtain a free copy of these
documents from (i) Inverness by mailing requests for such materials
to: Investor Relations Department, 51 Sawyer Road, Suite 200,
Waltham, MA 02453 and (ii) Biosite by mailing requests for such
materials to: Investor Relations, Biosite Incorporated, 9975
Summers Ridge Road, San Diego, California 92121. In addition to the
Offer to Purchase, the related Letter of Transmittal and certain
other offer documents, as well as the Solicitation/Recommendation
Statement, Biosite and Inverness file annual, quarterly and special
reports, proxy statements and other information with the SEC. You
may read and copy any reports, statements or other information
filed by Biosite or Inverness at the SEC public reference room at
100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at
1-800-SEC-0330 for further information on the public reference
room. Biosite�s and Inverness� filings with the SEC are also
available to the public from commercial document-retrieval services
and at the website maintained by the SEC at http://www.sec.gov.
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