SeraCare deal

Private equity firm Linden Capital Partners will acquire SeraCare for $4 per share, or about $80.8 million based on 20.2 million shares outstanding on Feb. 3. The price is a 12% premium to SeraCare's close of $3.58 on Feb. 10, before the deal was announced. The deal, which was unanimously approved by SeraCare's board and is subject to shareholder approval, is expected to close next quarter. SeraCare recorded revenue for the fiscal year ending Sept. 31, 2011, of $43.5 million. At Dec. 31, the tools and service company had $19.5 million in cash and a three-month operating gain of $1.1 million.

Last year, SeraCare said its board initiated a process to explore and evaluate strategic alternatives, including a sale. In June, hedge fund MSMB Capital Management LLC made an unsolicited offer to acquire the undisclosed portion of SeraCare it does not already own for $4.25 per share (see BioCentury, July 4, 2011 & Aug. 8, 2011). ...