Life Technologies Begins Business
The majority of ABI shareholders chose to receive cash due to the decline in Invitrogen’s stock price resulting from stock market conditions (see page 4). According to an SEC filing, the merger consisted of $3,229 million in cash and 80.8 million shares. Between November 24 and November 28, Life Technologies shares rose 9% to close at $26.10.
Carlsbad, CA and Norwalk, CT 11/20/08; Carlsbad, CA 11/21/08; Carlsbad, CA 11/26/08—Invitrogen completed its acquisition of Applied Biosystems (ABI) on November 21 (see IBO 6/15/08) and began trading as Life Technologies Corporation on the NASDAQ Global Select Market on November 24 under the ticker symbol “LIFE” (see IBO 11/15/08). “By combining these two highly respected brands, we are not only creating a stronger company, but an industry thought leader, uniquely positioned to help our customers accelerate and drive new discoveries and commercial applications,” stated Greg Lucier, chairman and CEO of Life Technologies. Approximately 80% of ABI shareholders elected to receive cash for their shares and will receive $18.65 in cash and 0.4427 shares of LIFE stock for every share of ABI stock. Approximately 2% of ABI shareholders elected to receive LIFE common stock for each ABI share. As a result, they will receive 0.8261 shares of LIFE stock and $1.91 per ABI share. The 11% of ABI stockholders that did not make a valid election will receive $18.15 in cash and 0.4543 shares of LIFE stock for each share of ABI stock.

