BioSource rejects Bio-Rad's offer

Related tags Bio-rad Life Gene

Bio-Rad Laboratories offer to buy BioSource International for
approximately $82 million (€64m) has been rejected again after
BioSource directors concluded that the proposed price was
significantly below BioSource's inherent value.

Bio-Rad's intention to acquire the company was intended to add to the recent acquisitions it had made in the areas of blood virus, food safety, process chromatography and gene expression.

Biosource​ specialise in providing life science researchers with the basic reagents used for signal transduction, cytokine and immunology research.

Norman Schwartz, president and CEO of Bio-Rad,​ sent a proposal to Jean-Pierre Conte, chairman of BioSource on April 6, offering to buy all BioSource's outstanding shares for $8.50 in cash. Bio-Rad said it already owned 5 per cent of BioSource.

Bio-Rad had said in a news release about the offer that BioSource was worth about $68 million, based on its closing price on April 5.

At the time of the offer Brad Crutchfield, Bio-Rad's vice president of life sciences, commented: "The synergies offered by the combination of the product lines and research capabilities of Bio-Rad and BioSource make this an attractive match and will enable us to add value to the BioSource business."

In March 2004, Bio-Rad purchased the assets of Hematronix for approximately $17 million in cash. This acquisition was intended to increase its presence in the quality-control management industry.

Later that year, the company purchased MJ GeneWorks and its subsidiaries, including MJ Research, for approximately $31 million in cash. The acquisition was with the aim of enhancing Bio-Rad's portfolio of gene expression products.

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