Invitrogen to acquire Applied Biosystems

Research tool provider Invitrogen (NASDAQ:IVGN) will acquire instrument company Applied Biosystems (NYSE:ABI) for $38 per share, or about $6.7 billion. The price is a 17% premium to Applied Biosystems' close of $32.44 on Wednesday, the day before the deal was announced. Payment is expected to be 45% cash and 55% stock. The combined entity would have reported $3.4 billion in revenues for fiscal 2007. Invitrogen shareholders will own the majority of the combined company, which will be named Applied Biosystems Inc. Invitrogen Chairman and CEO Gregory Lucier and Applied Biosystems President and COO Mark Stevenson will retain their titles at the newco. ...