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.
The latest bid is for up to about 1.3 million additional shares with no tender minimum and at the same price as the earlier offer. The new bid is open until March 15.
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.