Siemens to secure leadership position in laboratory diagnostics market
ERLANGEN, Germany, Oct. 25 /PRNewswire-FirstCall/ -- Siemens today received approval by the European Commission for the acquisition of U.S.-based laboratory diagnostics company Dade Behring Holdings, Inc. (Nasdaq: DADE). Siemens now expects to complete the transaction smoothly after the expiration of the cash tender offer on Wednesday, October 31, 2007, 12:00 midnight (EDT) -- ahead of the originally anticipated and reported schedule for closing. Antitrust clearance from U.S. authorities was granted on September 17, 2007.
"We are pleased with the European Commission's decision," said Prof. Dr. Erich R. Reinhardt, member of the Managing Board of Siemens AG and president and CEO of Siemens Medical Solutions. "Complementing last year's acquisitions of Diagnostic Products Corporation and Bayer Diagnostics, this transaction positions Siemens as a leader in the highly attractive and rapidly growing market for laboratory diagnostics."
Following the expiration of the cash tender offer for all outstanding
shares of Dade Behring on Wednesday, October 31, 2007, 12:00 midnight
(EDT), any remaining shares of Dade Behring will be acquired in a merger at
the same price. Upon completion of the acquisition, which is expected
during calendar year 2007, the company will be merged with Siemens Medical
Solutions Diagnostics, a U.S.-based subsidiary and part of Siemens Medical
Solutions, well ahead of the previously announced schedule for a closing in
the first calendar quarter of 2008. Subject to
|SOURCE Siemens Medical Solutions|
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