Inverness Medical Innovations, Inc. (IMA) Announces Successful Completion of Tender Offer for Biosite Incorporated (BSTE)
6/26/2007 12:59:31 PM
WALTHAM, Mass.--(BUSINESS WIRE)--Inverness Medical Innovations Inc. (AMEX: IMA) today announced the successful completion of its tender offer for the outstanding shares of Biosite Incorporated (NASDAQ: BSTE), the initial tender period for which expired at midnight, New York City time, on Monday, June 25, 2007. 15,759,794 shares representing approximately 87.6% of Biosite’s outstanding common stock were tendered and not withdrawn prior to the expiration of the initial tender offer period, including 2,045,999 shares representing approximately 11.4% of Biosite’s outstanding common stock which were tendered by notice of guaranteed delivery. The tendered shares, together with the 750,000 shares that Inverness currently owns represent approximately 91.7% of Biosite common stock. All shares that were validly tendered and not withdrawn have been accepted for purchase.