10/19/2005 5:13:16 PM
CAMARILLO, Calif.--(BUSINESS WIRE)--April 11, 2005--BioSource International, Inc. (Nasdaq:BIOI) today announced that its Board of Directors, in a special meeting held earlier today, voted unanimously to reject an unsolicited proposal from Bio-Rad Laboratories, Inc. (Amex:BIO) (Amex:BIOB), dated April 6, 2005, to acquire all of BioSource's outstanding shares at $8.50 per share in cash. The Board of Directors, after consultation with its legal and financial advisors, concluded that the proposed price is significantly below BioSource's inherent value. A copy of BioSource's letter to Bio-Rad regarding the Board of Directors' determination is attached to this press release.
The BioSource Board of Directors also announced that BioSource has retained UBS Investment Bank to act as financial advisor and Weil, Gotshal & Manges to act as legal advisor, to assist the Company in evaluating strategic alternatives, including a possible sale of the Company. In addition, the Company said that its 2005 annual meeting, presently scheduled for May 24, 2005, will be rescheduled to a future date.
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