Origin Technologies Raises Bid for Affymetrix
March 22 2016 - 6:20PM
Dow Jones News
A group of former Affymetrix Inc. executives on Tuesday raised
its offer for the genetic-analysis company by 5.6% in another
attempt to disrupt the planned tie-up with Thermo Fisher Scientific
Inc.
Origin Technologies Corp., a newly formed entity owned by former
Affymetrix executives, increased its all-cash offer to $17 a share,
valuing Affymetrix at about $1.58 billion and trumping its previous
offer of $16.10 a share.
Earlier this week, Affymetrix reaffirmed its commitment to the
Thermo-Fisher deal. In January, Thermo Fisher agreed to buy
Affymetrix for about $14 a share, or roughly $1.3 billion, in a bid
to boost its biogenetic-analysis portfolio.
Origin on Tuesday also called for Affymetrix to delay the
shareholder meeting scheduled for Thursday to vote on the sale to
Thermo Fisher.
Affymetrix and Thermo Fisher representatives didn't immediately
return calls for comment. Thermo Fisher said earlier Tuesday that
its deal has "more value" and "far less risk" than Origin's
offer.
In rejecting Origin's earlier offer, Affymetrix said Origin
appeared to be a newly-formed shell entity with no known assets.
Affymetrix said Origin's "sole source of funding" was $1.5 billion
in potential debt commitments and that this "falls materially short
of the funds" needed to complete a deal.
In recent after-hours trading, Affymetrix shares rose 4.3% to
$14.99.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
March 22, 2016 19:05 ET (23:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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