February 28, 2014 by Brad Perriello
The proxy war over control of the board at ConMed turned ugly this week after serious allegations surfaced against 1 of the medical device company’s nominees for director.
Merck KGaA (NYSE:MRK) closed its deal to acquire Millipore Corp. (NYSE:MIL) for $6 billion in cash plus about $890 million in Millipore debt.
The German pharmaceutical and chemical company agreed to pay $107 per share for Billerica, Mass.-based Millipore, which makes which produces specialty filters for water used in laboratory, drug and biotech applications, among other products.
Millipore Corp. (NYSE:MIL) shareholders approved a $7.2 billion merger proposed by German pharmaceutical giant Merck KGaA (NYSE:MRK).
The $107-per-share deal, announced in February, would see Merck take on another $890 million in Millipore debt.
No matter how slim the margin, Mario Gabelli isn’t someone to let a potential profit slip away.
Gabelli, the chief investment officer, CEO and founder of Gamco Investors Inc. (NYSE:GBL) and a longtime advocate of value investing, recently put up over $200 million to squeeze out the last bit of profit possible from owning Millipore Corp. (NYSE:MIL) stock.
The CEO of a laboratory science company — most likely Thermo Fisher Scientific Inc.’s (NYSE:TMO) Marc Casper — helped set off the bidding contest for Millipore Corp. (NYSE:MIL) when he proposed a cash acquisition of the maker of filters and instruments in a Jan. 4 letter to company officials, according to recent securities documents.
German pharmaceutical and chemical company Merck KGaA (NYSE:MRK) trumped other would-be suitors and struck a deal to acquire Millipore Corp. (NYSE:MIL) for $6 billion in cash plus about $890 million in Millipore debt.
The acquisition was announced early Sunday night by the two companies. At $107 a share, the deal marks just over a 50 percent premium from Millipore’s stock price a week ago, when word leaked that Thermo Fisher Scientific Inc. (NYSE:TMO) was preparing a bid for Millipore.
Thermo Fisher Scientific Inc. (NYSE:TMO) may soon boost its initial $6 billion offer in order to reel in Millipore Corp. (NYSE:MIL).
Bloomberg News, citing a person close to the situation, said Waltham, Mass.-based Thermo Fisher was considering offering a higher price for Millipore. The source did not provide Bloomberg with a specific price, although the news service reported that any deal would include Thermo Fisher taking on Millipore’s $890 million in long-term debt.
The “For Sale” sign officially went up outside Millipore Corp. (NYSE:MIL).
Responding to speculation that it’s the target of a $6 billion buyout offer, executives at the Billerica, Mass.-based maker of bioscience equipment late Feb. 23 confirmed they hired Goldman Sachs to assist them in “evaluating strategic alternatives, including pursuing a process with potential bidders to explore a possible merger or sale of the company.”
Millipore Corp. (NYSE:MIL) shares soared as much as 43 percent today after news reports that Thermo Fisher Scientific (NYSE:TMO) is considering a $6 billion unsolicited bid for the Billerica, Mass.-based company.
Bloomberg News, citing a person familiar with the situation, said Millipore recently hired Goldman Sachs as its financial adviser after receiving the bid and that a deal could be agreed on as early as next week. The news service said the person did not want to be identified because the talks are not yet public.
The Food & Drug Administration issues a pair of warnings to Millipore Corp. (NYSE:MIL) and Cardiac Sciences Corp. (NSDQ:CSCX) and put out a Class I recall of Synthes USA’s (SIX:SYST) Synex II vertebral implant.
Millipore warned on Swine Flu diagnostics claims
The FDA sent the Billerica, Mass.-based lab instruments maker a warning letter in September of last year about a promotional email the company sent out touting its influenza diagnostics.