(Alliance News) - Immunodiagnostic Systems Holdings PLC on Monday said it has agreed to an all-cash takeover offer from the UK arm of Waltham, Massachusetts-based PerkinElmer Inc.
The offer of 382 pence per share is a 44% premium to Friday's closing price of 265.00p. It values the share capital of Immunodiagnostic Systems at GBP110 million and implies an enterprise value of GBP88 million, the two companies said.
IDS shares were up 45% early Monday at 370.84p, having added 5.9% on Friday.
PerkinElmer has 57.9% support for its offer from Immunodiagnostic Systems shareholders. Peel Hunt is providing advice to IDS, which produces diagnostic testing kits and instruments for the clinical and research markets. The deal is expected to close early in the third quarter.
PerkinElmer makes life science and diagnostic products and offers related services. PerkinElmer UK is based in Beaconsfield, Buckinghamshire. Euroimmun AG, part of PerkinElmer, has been a partner of Immunodiagnostic Systems for a number of years.
"I am very pleased that upon approval of this proposed transaction IDS will be able to join the PerkinElmer family," said IDS Chief Executive Officer Jaap Stuut. "This will allow IDS to significantly accelerate our existing growth plans, while providing exciting new opportunities for our employees, customers, partners and suppliers."
PerkinElmer shares closed up 1.6% in New York on Friday at USD143.56, giving a USD16.09 billion market capitalisation.
By Tom Waite; thomaslwaite@alliancenews.com
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