GE Healthcare’s tender offer for the molecular diagnostics firm expired Dec. 16, with 80.2 percent of the outstanding common shares and all of the preferred shares turned over by Clarient shareholders. GE Healthcare said its depositary for deal also received commitments for another 12.6 percent of Clarient’s shares.
The company extended the offering period for the remaining shares until Dec. 21 and said it "intends to complete the acquisition of all remaining shares of Clarient through a ‘short-form merger’ under Delaware law as soon as practicable" soon after.
One group of investors sued Clarient over the buyout, accusing it of agreeing to terms that prevent it from shopping around for a better deal. GE Healthcare proposed the $5-per-share, $578 million cash deal for Clarient in October.
Life science holding company Safeguard Scientifics Inc. (NYSE:SFE), which owned approximately 26 percent of Clarient’s outstanding shares, said it expects to see $144 million in proceeds from the just-concluded sale and is set to receive another $2.6 million when the acquisition closes.