Danaher Corp. (DHR) agreed to acquire medical-test maker Beckman
Coulter Inc. (BEC) for $5.87 billion as the diversified tool
manufacturer looks to gain a stronger foothold in the growing
diagnostics industry.
The deal ends two months of speculation about the future of Beckman, which endured a rough year last year following the recall of a faulty test for heart problems, multiple financial guidance cuts and an unexpected CEO resignation. The Wall Street Journal reported in December that Beckman had put itself on the block and could fetch more than $5 billion in a sale. Analysts had speculated the company would attract a large number of suitors.
Under the terms of the deal, Danaher will pay $83.50 for each Beckman share, which the companies said represents a premium of about 45% over where the stock was trading Dec. 9, before takeover rumors surfaced.
Beckman shares surged 10% to $82.57 in premarket trading Monday, while Danaher was up 3.3% to $49.50. Beckman shares have never traded as high as the offer price and under $44 as recently as September. The stock is up 36% in the past three months, thanks to the acquisition speculation.
The Orange County, Calif., company was thrown into turmoil last year when it recalled a test for measuring a protein that signals heart problems due to faulty results. Beckman also came under fire from the Food and Drug Administration, which believed the company marketed that test without needed agency clearance. Beckman has been working on a clinical trial to support two upcoming FDA applications to back that test.
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The deal ends two months of speculation about the future of Beckman, which endured a rough year last year following the recall of a faulty test for heart problems, multiple financial guidance cuts and an unexpected CEO resignation. The Wall Street Journal reported in December that Beckman had put itself on the block and could fetch more than $5 billion in a sale. Analysts had speculated the company would attract a large number of suitors.
Under the terms of the deal, Danaher will pay $83.50 for each Beckman share, which the companies said represents a premium of about 45% over where the stock was trading Dec. 9, before takeover rumors surfaced.
Beckman shares surged 10% to $82.57 in premarket trading Monday, while Danaher was up 3.3% to $49.50. Beckman shares have never traded as high as the offer price and under $44 as recently as September. The stock is up 36% in the past three months, thanks to the acquisition speculation.
The Orange County, Calif., company was thrown into turmoil last year when it recalled a test for measuring a protein that signals heart problems due to faulty results. Beckman also came under fire from the Food and Drug Administration, which believed the company marketed that test without needed agency clearance. Beckman has been working on a clinical trial to support two upcoming FDA applications to back that test.
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