BioSource rejects Bio-Rad's offer
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.
