Diagnostic Products (NYSE:DP)
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From Jun 2019 to Jun 2024
On June 22, 2006, the Medical Solutions Group of Siemens
AG (NYSE: SI) received notification of clearance from the German
Federal Cartel Office to proceed with the proposed acquisition of
Diagnostic Products Corporation (NYSE: DP) pursuant to the previously
announced merger agreement between Siemens and DPC.
As previously announced, the board of directors of each company
has approved the agreement. DPC shareholders of record at the close of
business on Monday, June 19, 2006 will be entitled to notice of, and
to vote at, the special meeting of DPC shareholders, which will be
held on July 27, 2006. The transaction is subject to customary closing
conditions. It has a value of approximately $1.86 billion.
Siemens Medical Solutions, with headquarters in Malvern,
Pennsylvania, and Erlangen, Germany, is one of the largest suppliers
to the healthcare industry in the world. The company is known for
bringing together innovative medical technologies, healthcare
information systems, management consulting, and support services, to
help customers achieve tangible, sustainable, clinical and financial
outcomes. Employing approximately 33,000 people worldwide and
operating in more than 120 countries, Siemens Medical Solutions
reported sales of EUR 7.6 billion, orders of EUR 8.6 billion and group
profit of EUR 976 million for fiscal 2005 (September 30). More
information can be obtained by visiting
www.usa.siemens.com/medical-pressroom.
Diagnostic Products Corporation, founded in 1971, is a leader in
the global in vitro diagnostics market. DPC's product offering
includes the widely accepted IMMULITE(R) series of immunoassay
systems, more than 75 immunoassays and an expanding menu of essential
specific allergens and allergy panels that are run just like other
immunoassays. DPC also designs and manufactures automated laboratory
instrumentation and automation solutions that provide fast, accurate
results while enabling our customers to do "more with less" in a
leaner laboratory. DPC's combined chemistry and immunoassay menu is
one of the largest and most diversified available, covering most
laboratory tests requested. In fiscal 2005 (December 31), DPC reported
sales of $481 million and income from operations of $96 million.
Additional information can be found at DPC's website at
www.dpcweb.com.
DPC has filed proxy materials regarding the proposed merger
described in this communication with the Securities and Exchange
Commission. Investors and security holders are urged to read the proxy
statement, because it will contain important information about DPC and
the proposed merger. A definitive proxy statement will be sent to
security holders of DPC seeking their approval of the transaction.
Investors and security holders may obtain a free copy of the
definitive proxy statement (when available) and other documents filed
by DPC with the SEC at the SEC's website at www.sec.gov. The
definitive proxy statement and other relevant documents may also be
obtained free of cost by directing a request to DPC, 5210 Pacific
Concourse Drive, Los Angeles, California 90045, attention: Investor
Relations (telephone 310-645-8200).
DPC and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from the shareholders of
DPC in connection with the merger. Information about DPC and its
directors and executive officers can be found in DPC's Proxy
Statements and Annual Reports on Form 10-K filed with the SEC.
Additional information regarding the interests of those persons may be
obtained by reading the proxy statement when it becomes available.
Except for the historical information contained herein, this press
release contains forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially.
These factors include governmental or other action relating to DPC's
Chinese affiliate; the rate of customer demand for DPC's products;
DPC's ability to successfully market new and existing products; its
dependence on certain suppliers; domestic and foreign government
regulation; its ability to keep abreast of technological innovations
and to translate them into new products; competition; political and
economic instability in certain markets including the movements of
foreign currencies relative to the dollar; and other risks and
uncertainties disclosed from time to time in DPC's SEC reports and
filings.