Bidding War for Affymetrix?

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Bidding War for Affymetrix?

Coverage of the potential takeover of Affymetrix:

  • Former Affymetrix Senior Executives Propose to Acquire Affymetrix for $16.10 Per Share in Cash
    Origin Technologies Corporation, LLC (“Origin”), a newly created entity owned by a group of former Affymetrix executives today announced that it submitted a proposal to acquire Affymetrix, Inc. (“Affymetrix”) for $16.10 per share in an all-cash transaction valued at approximately $1.5 billion. This proposal represents a 75% premium to Affymetrix’ unaffected closing share price of $9.21 on the last trading day prior to the announcement of Thermo Fisher Scientific Inc.’s (“Thermo”) proposed acquisition of Affymetrix, and offers Affymetrix stockholders a 15% premium relative to Affymetrix’ proposed transaction with Thermo, under which Affymetrix stockholders would receive only $14.00 per share in cash. Press release

  • Affymetrix Rejects $1.5 Billion Takeover Bid
    “Affymetrix, a maker of advanced genetic analysis technology, on Sunday rejected an 11th-hour takeover bid meant to derail its planned sale to Thermo Fisher Scientific for $1.3 billion. In a statement, Affymetrix said that the $1.5 billion offer by some of its former employees, who have set up a shell company called Origin Technologies, was not a “superior proposal” to the Thermo Fisher deal. The move complicates what has already become a complex situation and suggests that both the target company and its preferred buyer will maintain a robust defense of their transaction ahead of a vote by Affymetrix shareholders on the deal this week.” NY Times

  • Thermo Fisher fights back vs. rival bid in $1.3B Affymetrix acquisition
    “On Sunday, Waltham-based life sciences equipment maker Thermo Fisher Scientific fought back against an 11th hour attempt by a rival firm to derail Thermo’s planned $1.3 billion acquisition of a California company. Thermo Fisher agreed in January to buy Santa Clara, Calif.-based Affymetrix for $14 per share in cash, which represented a 52 percent premium at the time.” BioFlash

  • Origin Remains Committed to Acquisition of Affymetrix
    “We are committed to completing a friendly transaction with Affymetrix and reiterate our offer to acquire all of the company’s outstanding shares for $16.10 per share in cash. Our highly compelling offer provides an opportunity for Affymetrix stockholders to realize additional value through a significantly more attractive premium than the proposed transaction with Thermo Fisher, and we are confident in our ability to close our transaction expeditiously. However, in order to proceed with the transaction between Origin and Affymetrix, we require an opportunity to engage with the Affymetrix Board of Directors to address their concerns and complete confirmatory diligence. We believe it would be in the best interests of all parties for the Affymetrix Board to engage with us without delay.” Press release
March 21st, 2016|