Again,From GE board ---------------------------------
Market Briefing New York, Feb 14. GE (NYSE:GE) is buying biotech tools and sequencing company Life Technologies (NASDAQ: LIFE) in an all cash transaction at a price of $58.16/share-a 17 percent premium to Jan 29th’s closing price of $49.71 on Nasdaq – resulting in a total cash consideration of approximately $ 12.98 billion after Life Tech announced the sale of 1.5 billion debt last Thursday. The deal is subject to Life Tech shareholder approval, regulatory clearances and other closing conditions, and is expected to close later in the second half of 2010. GE said that the acquisition of the leading biotech company was expected to strengthen its Healthcare and Human Genome Sequencing initiative, which helps GE to gain access to the rapidly growing Human Genome Sequencing industry. This would be a highly-complementary move from both a technology and market position perspective, person familiar with this deal said. Life tech had sales of more than $3.3 billion, employs approximately 9,000 people, has a presence in 160 countries, and possesses a rapidly growing intellectual property estate of approximately 3,900 patents and exclusive licenses. Life Technologies was created by the combination of Invitrogen Corporation and Applied Biosystems Inc in 2008. GE said it will continue to support and enhance Life technologies while allowing customers to take advantage of its own product portfolio. Life Tech will become part of the GE Healthcare division in the proposed acquisition. Life’s IR has been reached but has declined to give comments.
Offical Disclaimer: The information and any numerical data contained herein have been obtained from sources which we believe to be reliable, but we do not represent that they are accurate or complete, and they should not be relied upon as such. We do not recommend any kind of investment solely based on information aforementioned and all opinions expressed and data provided herein are subject to change without notice.
Crap, not this rumor again. This rumor has been making the rounds for months. No more credible than any other buyout/merger/takover rumor. I'm guessing someone is long on Life, and trying to cover some of their recent losses.
George, you still hanging around. Thought you'd be happy by the recent price drop. I'm still sticking by my low 50's prediction, you still betting on 'Tankville'?
"we do not represent that they are accurate or complete, and they should not be relied upon as such. We do not recommend any kind of investment solely based on information aforementioned and all opinions expressed and data provided herein are subject to change without notice."