biosys continues to play the consolidator

In its bid to build a critical mass, biosys inc. continued to consolidate the group of relatively small biopesticide developers by announcing a deal to merge with AgriDyne Technologies Inc. The deal, which follows BIOS's acquistion of Crop Genetics International in March, is designed to increase BIOS's stature both in the biopesticide market and the investor community.

The deal is worth about $9 million, according to BIOS CFO Bruce Fielding. The transaction will be effected through a tax-free exchange of 0.6873 shares of BIOS common stock for each outstanding share of common stock of AGRI, whose shareholders will end up with 4.5 million shares of BIOS. As of March 31, BIOS had about 11.7 million shares outstanding...