Danaher Corporation (NYSE: DHR) announced today its intention to make a recommended cash takeover offer, through an indirect wholly owned subsidiary, to acquire all of the issued and to be issued shares of Genetix Group plc (GTX:AIM) for 85 pence per share implying an aggregate price of approximately GBP 50 million pounds (USD $82 million) net of cash acquired.
The offer enjoys the recommendation of the Board of Genetix who have undertaken to accept the offer.
Together with the Board, shareholders have provided hard irrevocable undertakings to accept the offer amounting to over 77% of the issued share capital in aggregate.
In accordance with standard U.K. practice, the offer will become unconditional upon acceptance by the holders of not less than 90% of the Genetix Ltd issued and to be issued shares. The offer is subject to customary closing conditions. Danaher anticipates completing the transaction during the first quarter of 2010.
Genetix, headquartered in New Milton, Hampshire, UK provides scientists and clinicians with solutions for imaging and intelligent image analysis to facilitate development of pharmaceuticals and biotherapeutics, mainstream research, and clinical diagnostics with fiscal 2008 revenues of approximately GBP 26 million (USD $42 million).
SOURCE Danaher Corporation