Navigation Links
Inverness Medical Innovations Proposes to Acquire Concateno plc
Date:6/5/2009

WALTHAM, Mass., June 5 /PRNewswire-FirstCall/ -- Inverness Medical Innovations (NYSE: IMA) and Concateno plc today announced that they have reached agreement on a proposal for Inverness to acquire all of Concateno's outstanding share capital. Concateno, located in London, England, is a leading European supplier of drugs of abuse testing products and services with 2008 revenues of approximately 47.5 million pounds Sterling (or approximately $76 million). Concateno is quoted on the AIM market of the London Stock Exchange.

The acquisition is expected to be implemented by way of a court-approved scheme of arrangement under Part 26 of the United Kingdom Companies Act 2006. The scheme of arrangement is subject to approval by the shareholders of Concateno and sanction of the High Court of Justice in England and Wales as well as other customary conditions. If approved the acquisition would be expected to become effective during the third quarter of 2009.

Under the proposed terms of the acquisition, each holder of Concateno shares will receive, for each Concateno share, 79 pence in cash and 0.02 shares of Inverness' common stock, based on Inverness' closing price per common share on the New York Stock Exchange on June 4, 2009 of $34.00 and applying an exchange rate of 1.00 pound:$1.61, for a total implied value per Concateno share of 121.24 pence. Based on information supplied by Concateno, there are approximately 103.2 million Concateno shares currently issued and outstanding after consideration of certain shares which will be repurchased by Concateno for nominal consideration and cancelled as a result of the transaction.

In the event that, as a result of changes in Inverness' stock price and exchange rates, the value of the total consideration payable per Concateno share is less than 120 pence, Inverness will be obliged to provide further consideration to Concateno shareholders such that the overall value of the consideration per Concateno share is 120 pence. Any such additional consideration will consist of up to 1 million pounds cash plus up to 500,000 additional shares of common stock or, at its option, the cash equivalent thereof. In the event that the cash consideration of up to 1 million pounds is not needed to increase the overall consideration to 120 pence, the unused portion will be paid to certain key managers of Concateno.

Commenting on the proposed transaction, Ron Zwanziger, CEO of Inverness said, "Concateno's unique position in the European point of care, drugs of abuse testing market is a perfect complement to our existing drugs of abuse business, which operates primarily in the United States. There is also very little product overlap because we already supply Concateno with many of its visually-read drugs of abuse tests while Concateno manufactures meter-read products through its Cozart subsidiary."

Keith Tozzi, Chairman of Concateno added, "By successfully executing an acquisition based growth strategy, Concateno has become an important player in the European drugs of abuse testing business, offering its wide customer base a complete range of testing solutions. We believe that Inverness' proposal reflects the growth potential of the business, and that under Inverness' ownership, Concateno can expand to take further advantage of a range of attractive international opportunities."

Inverness is represented by Wragge & Co LLP in London and Foley Hoag LLP in Boston. Inverness also retained IDJ International as financial advisor. Concateno is represented by DLA in London and has retained Collins Stewart and UBS Investment Bank as its financial advisors.

About Inverness

By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life. Inverness' global leading products and services, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women's health. Inverness is headquartered in Waltham, Massachusetts. For more information about Inverness Medical Innovations, please visit our website at http://www.invernessmedical.com.

For additional information on Concateno, please visit www.concateno.com

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws, including statements regarding potential synergies and benefits of the proposed business combination. These statements reflect the parties' current views with respect to future events and are based on their respective management's current assumptions and information currently available. Actual results may differ materially due to numerous factors including, without limitation, risks associated with market and economic conditions; Inverness' ability to integrate this and other acquisitions and to recognize expected benefits; Inverness' ability to continue to successfully develop and manufacture diagnostic testing products and to commercialize products; and the risks and uncertainties described in Inverness' annual report on Form 10-K, as amended, for the year ended December 31, 2008, and other factors identified from time to time in its periodic filings with the Securities and Exchange Commission. Inverness undertakes no obligation to update any forward-looking statements contained herein.


'/>"/>
SOURCE Inverness Medical Innovations
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Inverness Medical Innovations Declares Dividend on its Series B Convertible Perpetual Preferred Stock
2. Inverness Medical Innovations to Present at the Deutsche Bank 34th Annual Health Care Conference on May 19, 2009
3. Inverness Medical Innovations to Present at the Bank of America and Merrill Lynch 2009 Health Care Conference on May 12, 2009
4. Inverness Medical Innovations, Inc. Announces Offering of $200 Million of Senior Subordinated Notes
5. Inverness Medical Innovations Announces First Quarter 2009 Results
6. Inverness Medical Innovations Schedules Conference Call for 10:00 a.m. ET April 27, 2009 to Discuss First Quarter 2009 Results
7. Inverness Medical Innovations to Participate at Goldman Sachs Leveraged Finance Healthcare Conference on April 8, 2009
8. Eli Y. Adashi, MD, MS, FACOG, Joins Inverness Medical Innovations Board of Directors
9. Inverness Medical Innovations Launches New FDA Cleared C. DIFF QUIK CHEK COMPLETE(TM) Rapid Test
10. Inverness Medical Innovations to Pay April Series B Dividend in Additional Shares of Series B Stock
11. Inverness Medical Innovations Agrees to Acquire Second Territory Rapid Diagnostics Business of ACON
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/22/2017)... ... March 22, 2017 , ... Intrinsic ... extensive therapeutic experience and operational excellence in oncology clinical trials, proudly announces today ... the treatment of non-small cell lung cancer and small cell lung cancer. , ...
(Date:3/22/2017)... East Norwich, NY (PRWEB) , ... March 22, 2017 , ... ... services to communities in the greater Nassau County region, is embarking on a combined ... with breast cancer. , For the last 25 years, the Great Neck Breast ...
(Date:3/22/2017)... ... , ... Schneider Insurance and Financial, a southern Montana firm providing asset protection ... is launching a charity event aimed at raising local support for Zoo Montana. , ... and is home to a broad variety of animals from all over the world. ...
(Date:3/22/2017)... (PRWEB) , ... March 22, 2017 , ... ... asset protection services and financial planning assistance to communities throughout central Ohio, is ... Brain Injuries. , Estimates from the Department of Defense and the Veteran's Brain ...
(Date:3/22/2017)... ... ... HumanHaus is proud to announce the launch of its newest invention on crowdfunding ... invented, but our customers today are busy, energetic, multi-taskers that live in a smarter ... and retired that want to travel. The Sweep&Stand is a self-standing broom ...
Breaking Medicine News(10 mins):
(Date:3/22/2017)... , March 22, 2017  Applied BioMath ( ... to drug research and development, today announced the ... QSP Day 2017 is a day full of ... systems pharmacology (QSP) community. The focus is to ... de-risking and accelerating drug research and development. ...
(Date:3/22/2017)... March 22, 2017 National Medical Products ... received an Innovative Technology contract from Vizient, ... in the country. The contract was based on ... with expertise in this category who serve on ... Technology contracts for technologies that demonstrate an ability ...
(Date:3/22/2017)...   Upsher-Smith Laboratories, Inc . (Upsher-Smith) today announced the ... mg and 75 mg, the generic equivalent to Mallinckrodt Pharmaceuticals, ... The clomipramine hydrochloride capsules market had U.S. sales of approximately ... to IMS Health. ... "Upsher-Smith has long been recognized within the pharmaceutical ...
Breaking Medicine Technology: