BioCentury
ARTICLE | Company News

Affymetrix spurning former execs' buyout offer

March 22, 2016 1:11 AM UTC

Affymetrix Inc. (NASDAQ:AFFX) said its board rejected a proposal from Origin Technologies Corp. LLC, a shell company founded by former Affymetrix executives, to acquire the tools company for about $1.5 billion. Affymetrix's board reiterated its recommendation that shareholders approve a $1.3 billion offer from Thermo Fisher Scientific Inc. (NYSE:TMO) when they vote on it this week (see BioCentury Extra, Jan. 8).

Affymetrix said Origin's $1.5 billion in debt financing "falls materially short of the funds that would be required to complete the transaction." Origin secured financing from China's SummitView Capital for the acquisition. Thermo Fisher is eligible for a $55 million breakup fee in its deal with Affymetrix. ...