Invitrogen and Applied Biosystems to Combine IVGN ABI

Invitrogen and Applied Biosystems to Combine
Thursday June 12, 8:12 am ET

Strategic Combination Creates Premier Provider of Biotechnology Reagents and SystemsTransaction Valued at $6.7 Billion

CARLSBAD, Calif. & FOSTER CITY, Calif.--(BUSINESS WIRE)--Invitrogen Corporation (NASDAQ: IVGN - News) and Applera Corporation today announced that their Boards of Directors have approved a definitive merger agreement, under which Invitrogen will acquire all of the outstanding shares of Applera’s Applied Biosystems Group (NYSE: ABI - News) in a cash and stock transaction valued at $6.7 billion.

Under the terms of the merger agreement, Applera-Applied Biosystems shareholders will receive $38.00 for each share of Applera-Applied Biosystems stock they own in the form of Invitrogen common stock and cash. The expected split between cash and stock is 45% and 55%, respectively. Applera-Applied Biosystems shareholders will receive a value of $38.00 a share if the 20 day volume-weighted average price of Invitrogen common stock is in the range of $43.69 - $46.00 three business days prior to the close of the transaction. The total value per share will differ if Invitrogen’s 20 day volume-weighted average price is above or below that range, measured shortly prior to the close of the transaction. The consideration represents a premium of 17% to Applied Biosystems’s closing price on June 11, 2008, or 12% to Applied Biosystems’s average closing price in the last 30 trading days. Applera-Applied Biosystems shareholders also will have the option to request all cash or all stock, subject to possible proration. Upon completion of the transaction, Invitrogen shareholders will own the majority of the company.

Invitrogen and Applied Biosystems to Combine: Financial News - Yahoo! Finance