Solvay to win bidding war on Innogenetics
Gent – Belgian Innogenetics NV is the object of a bidding war. After chemical company Solvay tendered its offer to acquire 93% of the diagnostics specialist in April, San-Diego-based Gen-Probe also entered the arena, offering to pay EUR6.10 per share compared to EUR5.75 per share in cash that Solvay promised for the 93% of the stock it does not already own. At the Gen-Probe offer, Innogenetics is valued at a188 million. At the time of Solvay’s offer on April 25th, Innogenetics said its board “unanimously consider(ed) the offer to be friendly and support(ed) it”. Up to now, the company has not commented on the Gen-Probe counter-offer. Innogenetics shareholders sent the stock price up to EUR6.50, betting that the current bid might not be the last.By July, solvay won the battle raising its bid to by increasing its initial conditional tender offer to EUR 6.50 ($10.32) per share, a total cash transaction of EUR 200.7 million ($319 million) for the outstanding shares. Gen-Probe said last week that it will not raise its bid to acquire Innogenetics.