Danaher and Iris in business negotiations over acquisition
Danaher is to acquire Iris.
Iris International is to be bought for an estimated $338 million, following sales negotiations with Danaher Corporation.
This transaction will see Danaher make a cash tender offer to purchase all of Iris' outstanding common stock, under a deal that will value each share at $19.50.
Danaher markets, manufactures and designs innovative goods and services to commercial, industrial, medical or professional clients all over the world.
The firm, which is a leader in technology and science, deals in at least 125 countries and has 59,000 global associates.
Iris manufactures automated in-vitro diagnostics consumables and systems and when the acquisition is completed, it will become part of the Beckman Coulter Diagnostics business of Danaher.
Following business negotiations, the board of directors at Iris unanimously recommended that all shareholders tender their stocks and shares for the transaction.
It is expected that the acquisition will be finalised during the fourth quarter of 2012, following the completion of customary conditions.
Posted by Edel Quinn
Source: Danaher press release, September 17th