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Danaher Agrees To Acquire Beckman Coulter For $5.87 Billion

DOW JONES NEWSWIRES Danaher Corp. (DHR) agreed to acquire lab-equipment maker Beckman Coulter Inc. (BEC) for $5.87 billion as the diversified tool manufacturer looks to gain a stronger foothold in the growing diagnostics industry. The deal ends two months of speculation about the future of Beckman, which makes diagnostic instruments used in clinical testing. The Wall Street Journal reported in December that Beckman had put itself on the block and could fetch more than $5 billion in a sale. Analysts had speculated the company would attract a large number of suitors. Under the terms of the deal, Danaher will pay $83.50 for each Beckman share, which the companies said represents a premium of about 45% over where the stock was trading Dec. 9, before takeover rumors surfaced. Beckman shares surged 10% to $82.70 in premarket trading Monday, while Danaher was off 0.2% to $47.88. Beckman shares have never traded as high as the offer price and were under $44 as recently as September. The stock is up 36% in the past three months, thanks to the acquisition speculation. Danaher--which makes Craftsman-brand tools for Sears Holdings Corp. (SHLD) and Husky wrenches for Home Depot Inc. (HD)--has been relying on acquisitions to bolster a slow growing revenue base, ratcheting up purchases this year and focusing its efforts on medical technology, testing and measurement and dental equipment, among other things. Beckman would become part of Danaher's life sciences and diagnostics segment. The deal, structured as a tender offer, is expected to be completed in the first half of 2011. The companies valued it at about $6.8 billion, including debt assumption and net of cash acquired. "Following a very comprehensive and competitive process, the board of directors voted unanimously to accept Danaher's proposal," Beckman Chief Executive Bob Hurley said. "We believe this transaction maximizes Beckman Coulter shareholder value while strengthening the company's position as a leader in biomedical testing to the benefit of our customers and their healthcare patients around the world." Late last month, Danaher reported its fourth-quarter earnings rose 78%, topping the company's own estimates, as sales improved, margins surged and the company saw increased restructuring costs in the prior quarter. Meanwhile, Beckman in October said its third-quarter earnings surged, following charges the prior year, while the medical test-maker showed signs of improvement as it worked through quality problems and pressure from the weakened economy. -By Lauren Pollock, Dow Jones Newswires; 212-416-2356; lauren.pollock@dowjones.com

Stock News for Beckman Coulter (BEC)
DateTimeHeadline
06/28/201113:48:41CORRECT:Danaher In Market With Offering To Help Fund Acquisition
06/17/201104:07:36EU Clears US Technology Firm Danaher To Buy Beckman Coulter
04/18/201111:54:16Beckman Coulter Delays FDA Filings For Key Heart Test To 3Q
02/25/201112:38:49PerkinElmer Isn't For Sale, CEO Says; Shares Slide
02/24/201111:44:18PerkinElmer, After Beckman-Bid Loss, Is Mulling Deals -Bloomberg
02/07/201116:48:21Beckman Deal Moves Danaher Deeper Into Technology Sector
02/07/201108:14:50Danaher Agrees To Acquire Beckman Coulter For $5.87 Billion
01/28/201114:25:16KKR Said To Drop Out Of Beckman Coulter Bid Group -Bloomberg
07/06/201015:19:05FDA Warns Beckman Coulter On Marketing Of "AccuTnI" Heart Test
05/14/201009:52:56Beckman Coulter Expects First Half 2011 Troponin Filing
12/17/200917:11:22Beckman Coulter Targets Mid-Teens Earnings Growth In 2010

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