Fullerton-based Beckman Coulter Inc. got U.S. antitrust approval to buy San Diego’s Biosite Inc. Now if only Biosite shareholders would sign off on the contested deal.
Beckman is offering $1.55 billion for Biosite, a maker of tests to detect heart disease. It faces a rival $1.6 billion bid from Waltham, Mass.-based Inverness Medical Innovations Inc.
The company hopes to get Biosite shareholders to sign off on its offer, which has financing in the works and promises a quick close.
Beckman has called Inverness Medical’s offer “speculative.” Inverness says it has financing commitments but hasn’t outlined how it would pay for a deal.
Investors expect a bidding war. Biosite shares now are at about $92, above Inverness’ $90 offer and Beckman’s $85 offer.
Beckman, a maker of instruments and chemicals for medical testing labs and researchers, hopes enough Biosite shareholders will take its offer and give it control of the company between now and April 27.
