Dec 4 2010
Clarient, Inc. ("Clarient") (Nasdaq: CLRT) announced today the extension of the current pending offer (the "Offer") by Crane Merger Sub, Inc. ("Purchaser"), an indirect wholly-owned subsidiary of General Electric Company ("General Electric") (NYSE: GE) to acquire all of the outstanding shares of capital stock of the Company. The extension changes the expiration of the Offer from midnight, New York City time, at the end of the day on Monday, December 6, 2010 to midnight, New York City time, at the end of the day on Thursday, December 16, 2010. The board of directors of Clarient recommends that Clarient stockholders tender their shares to the Purchaser in the Offer.
Clarient also filed an amendment to its Solicitation/Recommendation Statement on Schedule 14D-9 with the Securities and Exchange Commission. Clarient stockholders are advised to read the Solicitation/Recommendation Statement and any amendments thereto because they contain important information about the Offer.
The extension of the Offer and the amendment to the Solicitation/Recommendation Statement were made pursuant to a Memorandum of Understanding entered into on behalf of Clarient, General Electric and Purchaser, which outlines the terms of the parties' agreement in principle to a permanent release of all claims which were or could have been asserted in the actions pending in the Delaware Court of Chancery captioned In re Clarient, Inc. Shareholder Litigation, C.A. No. 5932-CC and the Superior Court of California, County of Orange captioned Herbert Silverberg v. Clarient, Inc., Master File No. 30-2010-00419685-CU-MC-CXC. The terms of the proposed settlement are subject to approval by the Delaware Court of Chancery.
Goldman, Sachs & Co. is serving as financial advisor, and Latham & Watkins LLP is serving as legal counsel, to Clarient.