Siemens has extended the expiration date for the cash tender offer for all outstanding shares of Dade Behring Holdings to Wednesday, Oct. 31, midnight (EDT), as Siemens awaits merger control clearance by the European Commission.
The European Commission’s initial investigation period will expire on Oct. 25, unless extended. U.S. antitrust clearance was already granted on Sept. 17. Siemens expects to receive European merger control clearance and other regulatory approvals in time to close the transaction during calendar year 2007.
As of midnight, on Wednesday, Sept. 26, an aggregate of 66,159,433 shares of common stock of Dade Behring had been validly tendered and not withdrawn, representing 82.55 percent of the outstanding common stock of Dade Behring.
While Siemens previously announced that it expected to close the transaction in the first calendar quarter of 2008, it now expects to close the transaction during the fourth quarter of calendar year 2007. Following completion of the tender offer, any remaining shares of Dade Behring will be acquired in a merger at the same price. The transaction has a value of approximately $7 billion.