Enough is enough, Fullerton-based Beckman Coulter Inc. said Tuesday morning.
The maker of medical testing and research products won’t up its offer for San Diego’s Biosite Inc., the target of a bidding war between Beckman and Inverness Medical Innovations Inc. of Massachusetts.
Beckman is offering $90 a share for Biosite, or about $1.64 billion. Last week, Inverness upped the ante to $92.50 a share.
Another offer wouldn’t serve the interests of shareholders, Beckman said Tuesday.
Biosite’s directors have found Inverness’ offer to be superior, according to Beckman. The company’s offer for Biosite still stands, though Beckman said it expects Biosite will end its acquisition deal with Beckman.
Under terms of the pact, Biosite is set to pay Beckman a $54 million termination fee.
Biosite makes tests for detecting heart disease and other conditions. Beckman first offered $1.55 billion for the company in April.
