Multinational healthcare product and system developer Siemens Medical Solutions announced it has entered into a definitive merger agreement under which it will acquire all outstanding shares of Deerfield, Ill.-based laboratory and clinical products and manufacturer Dade Behring for $77 per share in cash. Pursuant to the agreement, Siemens is expected to commence a tender offer for any and all outstanding shares of Dade Behring common stock by August 8.
The board of directors of Dade Behring has voted unanimously to recommend to holders of Dade Behring common stock that they tender their shares in the tender offer. As a result of the merger, Dade Behring will become a wholly-owned subsidiary of Malvern, Penn.-based Siemens.
According to Jim Reid-Anderson, chairman, president and CEO of Dade Behring, the combined firms have the potential to become positioned as the largest provider of clinical diagnostic products and services in the world. Erich Reinhardt, president and CEO of Siemens Medical Solutions commented that the acquisition will allow the firm to assemble a broad portfolio of products and services, and become a market leader in comprehensive clinical laboratory diagnostics.
The planned acquisition has a total transaction volume of approximately $7 billion, according to Siemens. Closing is expected in the second quarter of fiscal year 2008; and completion of the merger is subject to receipt of regulatory approvals and other customary closing conditions.