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Solvay ups Innogenetics bid

July 9, 2008 11:46 PM UTC

Solvay (Euronext:SOLB) looks to have the winning bid for Innogenetics (Euronext:INNX) after announcing Wednesday that it will increase its tender offer for the diagnostics company to EUR 6.50 per share in cash. Gen-Probe (NASDAQ:GPRO), which bid EUR 6.10 per share for Innogenetics in June, said it did not intend to increase its offer (See BioCentury Extra, Wednesday, June 04, 2008).

Solvay said its new offer values Innogenetics at EUR 200.7 million ($313.6 million) for 100% of Innogenetics' outstanding shares. The price is a 74% premium to Innogenetics' close of EUR 3.74 on April 24, the day before Solvay made an offer of EUR 5.75 to acquire the 93% of Innogenetics it did not already own. Solvay also said on Wednesday it will offer to purchase Innogenetics warrants and convertible bonds for an undisclosed amount. ...