Siemens Completes Tender Offer for Dade Behring
November 01 2007 - 6:00AM
PR Newswire (US)
Successful closing is assured with more than 90 percent of common
stock tendered ERLANGEN, Germany, Nov. 1 /PRNewswire/ -- As the
cash tender offer expired at 12:00 midnight on Oct. 31, 2007,
Siemens intends to accept all validly tendered shares of U.S.-based
laboratory diagnostics company Dade Behring. Siemens expects to
close the transaction on or about Nov. 6, 2007. The depositary for
the tender offer advised Siemens that as of the expiration of the
tender offer, an aggregate of approximately 72,989,428 shares of
common stock of Dade Behring had been validly tendered and not
withdrawn which, together with approximately 2,663,344 shares to be
tendered under guaranteed delivery procedures, represents
approximately 94 percent of the outstanding common stock of Dade
Behring. After closing, Dade Behring will be integrated in the
existing business of Siemens Medical Solutions Diagnostics, a
wholly owned subsidiary of Siemens Medical Solutions USA, Inc.
"Becoming the leader in the laboratory diagnostics market enables
Siemens to offer its customers a comprehensive portfolio of
innovative solutions across the whole healthcare continuum - from
prevention to diagnosis, to therapy and care," said Erich R.
Reinhardt, member of the Managing Board of Siemens AG and president
and CEO of Siemens Medical Solutions (Med). "There is no other
company that can bring together the entire medical imaging,
laboratory diagnostics and clinical IT value chain under one roof.
Siemens alone can offer opportunities for the integration of such a
comprehensive range of technology, workflows and information that
will help our customers deliver an improved quality of patient care
at reduced costs." Reinhardt further explained, "With its strong
position in the field of clinical chemistry, Dade Behring
complements our existing laboratory business. Plus, its unique,
fully integrated IT platforms for combining chemistry and
immunodiagnostics dramatically improve laboratory workflow,
supporting Siemens' commitment to partner with its customers to
deliver increased efficiency throughout the healthcare enterprise."
"Diagnostic testing plays a critical role in providing high quality
health care. Together with Dade Behring, Siemens Medical Solutions
Diagnostics is well-positioned to lead the way in bringing new
capabilities to the diagnostics industry," said Jim Reid-Anderson,
currently Chairman, President and CEO of Dade Behring. Mr.
Reid-Anderson will lead the Siemens Medical Solutions Diagnostics
global business that has nearly 15.000 employees. Jochen Schmitz
will remain Chief Financial Officer (CFO). Primary offices of the
company will be located in Deerfield, Illinois - the current
headquarters of Dade Behring. Siemens (Berlin and Munich) is a
global powerhouse in electrical engineering and electronics. The
company has around 475,000 employees (incl. discontinued
operations) working to develop and manufacture products, design and
install complex systems and projects, and tailor a wide range of
services for individual requirements. Siemens provides innovative
technologies and comprehensive know-how to benefit customers in
over 190 countries. Founded more than 160 years ago, the company
focuses on the areas of Information and Communications, Automation
and Control, Power, Transportation, Medical, and Lighting. In
fiscal 2006 (ended September 30), Siemens had sales of euro 87.3
billion and net income of euro 3.033 billion, according to U.S.
GAAP. Further information is available on the Internet at:
http://www.siemens.com/. Siemens Medical Solutions of Siemens AG is
one of the world's largest suppliers to the healthcare industry.
The company is known for bringing together innovative medical
technologies, healthcare information systems, management
consulting, and support services, to help customers achieve
tangible, sustainable, clinical and financial outcomes. Recent
acquisitions in the area of in-vitro diagnostics - such as
Diagnostic Products Corporation and Bayer Diagnostics - mark a
significant milestone for Siemens as it becomes the first full
service diagnostics company. Employing more than 41,000 people
worldwide and operating in over 130 countries, Siemens Medical
Solutions reported sales of euro 8.23 billion, orders of euro 9.33
billion and group profit of euro 1.06 billion for fiscal 2006
(Sept. 30), according to U.S. GAAP. Further information can be
found by visiting http://www.siemens.com/medical. About Dade
Behring, Inc. With 2006 revenue of more than US$1.7 billion, Dade
Behring offers a wide range of products, systems and services
designed to meet the day-to-day needs of clinical laboratories,
delivering innovative solutions to customers and enhancing the
quality of life for patients. Additional company information is
available on the Internet at http://www.dadebehring.com/. This
document contains forward-looking statements and information - that
is, statements related to future, not past, events. These
statements may be identified by words as "expects," "looks forward
to," "anticipates," "intends," "plans," "believes," "seeks,"
"estimates," "will" or words of similar meaning. Such statements
are based on our current expectations and certain assumptions, and
are, therefore, subject to certain risks and uncertainties. A
variety of factors, many of which are beyond Siemens' control,
affect its operations, performance, business strategy and results
and could cause the actual results, performance or achievements of
Siemens worldwide to be materially different from any future
results, performance or achievements that may be expressed or
implied by such forward-looking statements. For us, particular
uncertainties arise, among others, from: changes in general
economic and business conditions (including margin developments in
major business areas); the challenges of integrating major
acquisitions and implementing joint ventures and other significant
portfolio measures; changes in currency exchange rates and interest
rates; introduction of competing products or technologies by other
companies; lack of acceptance of new products or services by
customers targeted by Siemens worldwide; changes in business
strategy; the outcome of pending investigations and legal
proceedings; our analysis of the potential impact of such matters
on our financial statements; as well as various other factors. More
detailed information about our risk factors is contained in
Siemens' filings with the SEC, which are available on the Siemens
website, http://www.siemens.com/, and on the SEC's website,
http://www.sec.gov/. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
in the relevant forward-looking statement as expected, anticipated,
intended, planned, believed, sought, estimated or projected.
Siemens does not intend or assume any obligation to update or
revise these forward-looking statements in light of developments
which differ from those anticipated.
http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO
DATASOURCE: Siemens Medical Solutions CONTACT: Frank Sarfeld of
Siemens, +49-160-90190499, Web site:
http://www.usa.siemens.com/medical http://www.dadebehring.com/
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