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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Affymetrix, Inc. | NASDAQ:AFFX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.01 | 0 | 01:00:00 |
A group of former Affymetrix Inc. executives submitted a new proposal for the genetic-analysis company, threatening its planned tie-up with Thermo Fisher Scientific Inc.
Origin Technologies Corporation LLC, a newly formed entity owned by former Affymetrix executives, said it wanted to buy Affymetrix for $16.10 per share, in a deal worth about $1.5 billion.
Affymetrix shares jumped 14% to $16.04 on the news.
In January Thermo Fisher Scientific said it would buy Affymetrix for about $14 a share, or roughly $1.3 billion, in a bid to boost its biogenetic-analysis portfolio.
Before the January offer became public, Affymetrix's shares closed at $9.21.
Thermo Fisher and Affymetrix didn't immediately respond to a request for comment.
In Origin's offer letter, it said it would pay the $55 million termination fee potentially owed to Thermo Fisher if the offer was accepted.
Origin is funding its deal with debt financing from a public equity firm. The four people running Origin formerly worked at Affymetrix as vice presidents, including a former general counsel and a head of molecular diagnostics research and development.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
March 18, 2016 13:55 ET (17:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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