Gen-Probe, Innogenetics, Solvay deal

Solvay increased its tender offer to acquire diagnostics company Innogenetics from €5.75 to €6.50 per share in cash, valuing the company at €200.7 million ($313.6 million). The new price is a 6.6% premium to Innogenetics’ close of €6.10 on July 8, the day before the deal was announced, and a 74% premium to Innogenetics’ close of €3.74 on April 24, the day before Solvay’s initial offer. Solvay also will offer to purchase Innogenetics warrants and convertible bonds for an undisclosed amount. Solvay expects the deal to close this half (see BioCentury, April 28). ...