Applied Bio and Invitrogen Set Date for Shareholder Votes
In its proxy, Invitrogen disclosed that the terms of the agreement would result in Invitrogen shareholders owning approximately 55% of the new company. Invitrogen also stated that it has committed to $2.65 billion in loans to fund the transaction and that its outstanding debt is expected to increase from approximately $1.5 billion as of March 31, to $3.6 billion following the merger.
Carlsbad, CA 8/25/08; Norwalk, CT 8/25/08; Washington, DC 8/21/08; Carlsbad, CA and Foster City, CA 7/29/08; Carlsbad, CA 6/20/08—Shareholders of Applied Biosystems and Invitrogen will vote on the companies’ proposed $6.7 million merger (see IBO 6/15/08) on October 16. In late July, the companies announced the expiration of the Hart-Scott-Rodino Waiting Period, giving the merger US approval, but the deal is awaiting approval by EU antitrust regulators. In June, Invitrogen announced that Mark Smedley, the company’s global head of Operations, is leading the integration team. “We envision the new company being structured into businesses of molecular and cellular biology reagents, genetic sequencing systems and mass spectrometry,” stated Invitrogen Chairman and CEO Greg Lucier at that time. On August 21, the Applied Biosystems Board elected President and COO Mark P. Stevenson to president of the company, following the divestment of Celera (see IBO 5/15/08) and Chairman and CEO Tony L. White relinquished the title of president.
