Siemens announces Dade Behring merger agreement
31 July 2007 00:00 in Medical Company Restructures
Siemens Medical Solutions has announced that it has signed a merger agreement with Dade Behring, a US-based clinical laboratory diagnostics firm.
Under the terms of the agreement, Siemens is attempting to acquire the company for a total consideration of approximately $7 billion (3.4 billion pounds), tendering an offer of $77 for each common share of Dade Behring.
The transaction is expected to close in the second quarter of the 2008 fiscal year following the standard regulatory approvals and closing conditions.
Dade Behring is a 6,400-employee strong company with annual sales of $1.7 billion in the 2006 financial year which provides solutions for immunodiagnostics, haemostasis testing, microbiology and routine chemistry testing.
Erich R Reinhardt, a member of the managing board of Siemens and president of Siemens Medical Solutions said: "The acquisition of Dade Behring will create significant value for our shareholders."
He added that this planned transaction would strengthen the position of Siemens in the healthcare industry - a highly profitable sector with the potential for elevated growth.
In November 2006, Siemens Medical announced that the European Commission had approved its 4.2 billion euro (2.8 billion pound) merger deal with Bayer Diagnostics.
Siemens claimed that the acquisition which formed Siemens Medical Solutions Diagnostics would be an industry leader in the development of molecular medicine technology.
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Story collated for Zenopa by the Adfero News Agency