WALTHAM, Mass., Feb. 23 /PRNewswire-FirstCall/ --Inverness Medical Innovations, Inc. , a global leader in enabling individuals to take charge of their health at home through the merger of rapid diagnostics and health management, today announced the launch of another tender offer to acquire up to approximately 1,295,836 additional shares in Standard Diagnostics, or SD, a leading innovator of rapid diagnostics in Korea.
Inverness is conducting this tender offer, which is not subject to any minimum tender condition, at the same tender offer price as the earlier tender offer, KRW 40,000 per SD share. Under this follow-up tender offer, shareholders may tender their shares from February 23, 2010 until March 15, 2010. The settlement date is March 22, 2010.
Ron Zwanziger, President and CEO of Inverness, stated: "We were very pleased with the results of the previous tender offer. However, in order to acquire additional SD shares and to afford the remaining shareholders with another opportunity to sell their shares at the attractive price of 40,000 KRW, we concluded that we would launch this follow-up tender."
Inverness has retained Daewoo Securities Co., Ltd. as its tender offer agent.
This press release is neither an offer to purchase nor a solicitation of an offer to sell shares of SD. The tender offer is made only by the tender offer statement. Shareholders of SD are urged to read the relevant tender offer documents when they become available because they will contain important information that shareholders should consider before making any decision regarding tendering their shares.
By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life at home. Inverness' global leading products and services, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women's health. Inverness is headquartered in Waltham, Massachusetts.
Standard Diagnostics, Inc., listed on the KOSDAQ stock market since January 23, 2003, is a global player in the medical diagnostics industry. Its main product lines relate to diagnostics reagents or devices for hepatitis, infectious diseases, tumor markers, fertility, drugs of abuse, urine strips and protein strips. For more information on Standard Diagnostics visit www.standardia.com.
Cautionary Note Regarding Forward-Looking Statements:
Inverness Medical Innovations, Inc.
