Fisher Scientific International of the US has extended its SK5.3 billion (€573m) recommended offer for Perbio Science, the Swedish biotechnology company, after failing to win the support of more than 90 per cent of Perbio's investors.
Laboratory equipment maker Fisher launched its bid for Perbio, which makes consumables and tools for the protein research and drug production markets, in June. The Swedish company expects that these markets will grow in the 10 to 15 per cent range over the 2003-5 period.
The US firm distributes and manufactures an array of products to the scientific research, clinical laboratory and industrial safety markets, but the Perbio deal will allow it to bolster capabilities in protein production and research. Perbio had revenues of $231 million in the 12 months to 31 March 2003, and makes two-thirds of its revenues from operations in North America. Fisher's turnover in 2002 was $3.2 billion.
Perbio's share price has consistently remained above the SK142.5 level being offered by Fisher, with shareholders hoping for either a counter-bid or better terms from Fisher. Fisher has suggested that it may waive this requirement "based on future events and circumstances," and has set a new deadline of 25 August.