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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Thermo Fisher Scientific Inc | NYSE:TMO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.70 | -0.12% | 572.85 | 576.59 | 565.34 | 566.53 | 749,224 | 19:34:47 |
Thermo Fisher Scientific Inc. said Thursday that it completed its acquisition of Affymetrix Inc. for $1.3 billion, following Affymetrix's rejection earlier in the week of a higher rival bid submitted by former executives of the company.
Thermo Fisher said the deal closed after Affymetrix stockholders approved the deal at a special meeting Thursday.
Last week, Origin Technologies Corp., a newly formed entity owned by former Affymetrix executives, increased its all-cash offer to $17 a share, valuing Affymetrix at about $1.58 billion and trumping its previous offer of $16.10 a share.
In January, Thermo Fisher agreed to buy Affymetrix for about $14 a share, or roughly $1.3 billion, in a bid to boost its biogenetic-analysis portfolio. The Thermo deal offered a 52% premium to Affymetrix's stock price before the announcement.
As a result of the completed transaction, Affymetrix stock will stop trading and won't be listed on the Nasdaq. Shares of Affymetrix rose 2 cents to $14.01 in afternoon trading Thursday.
On Monday, Origin dropped its pursuit after Affymetrix rejected its offer. At the time, Affymetrix said "the board found the risks to initiating and consummating a potential transaction with Origin outweighed the potential benefit."
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
March 31, 2016 14:55 ET (18:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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