Inverness Medical Innovations Inc. (NYSE:IMA) launched another tender offer for Standard Diagnostics (KDQ:066930), looking to add to the 61.9 percent stake it already holds in the Korean firm.
Earlier this month the Waltham, Mass.-based diagnostics and lab equipment maker closed its second tender offer for Standard Diagnostics shares, which saw it bid about $35.72 per share for 75.79 percent or just more than 6 million shares of the company.
SD president and CEO Young Shik Cho, who tendered his 720,000-share stake in the firm as part of the first deal, agreed not to tender his remaining 1.6-million-share stake and to preclude SD from tendering any of its treasury stock.
If enough shareholders take the buyout, Inverness said it’s likely it and Cho will seek to de-list Standard Diagnostics from the Korea Exchange.
Inverness reported mixed year-end results last week, logging profits during 2009 but posting a net loss for the fourth quarter.
Sales were $546.2 million for the three months ended Dec. 31, 2009, up 26.3 percent compared with $432.5 million during the same period in 2008. Inverness swung to a Q4 net loss of $3.1 million, or 4 cents per share, compared with net income of $10.9 million, or 14 cents per share, during Q4 2008.
For the full year, sales grew 21.5 percent to $1.92 billion, compared with $1.58 billion during 2008. Net income last year was $10.7 million, or 13 cents per share, compared with a net loss of $35.8 million, or 46 cents per share, during 2008.