As reported in IBO’s February 15 issue, Danaher plans to acquire Beckman Coulter for $6.8 billion, or $83.50 per share. Other companies that reportedly bid for Beckman were the private equity combinations of Apollo Global Management and Carlyle Group, and TPG Capital and Blackstone. However, a new name emerged later in the month. Quoting anonymous sources, Bloomberg reported on February 24 that PerkinElmer had also bid for Beckman and made a $83.25 per share offer in the auction’s final hours. Following the offer, Goldman Sachs, which was handling the sale, informed Danaher that an $83.50 per share bid would win the auction. According to Bloomberg, PerkinElmer was not allowed to make another bid, as Goldman Sachs believed Danaher would be more likely to complete the transaction faster and the likelihood of closing was higher due to available financing and cash. Bloomberg also reported that, as a result, PerkinElmer was considering a large acquisition or the sale of the company.

In an interview with Reuters, PerkinElmer Chairman, CEO and President Robert Friel disputed Bloomberg’s report, stating the firm was not for sale. He said he was addressing the report due to the sudden increase in the company’s stock price (see page 4). An PerkinElmer SEC filing stated: “A sale of the company is not being discussed.” Mr. Friel did not refute the report of PerkinElmer’s bid for Beckman. He also said that PerkinElmer is considering future acquisitions. Mr. Friel told Reuters earlier this month that PerkinElmer expects revenues to near $3 billion by 2014, with 6%–8% organic growth and 4%–5% growth from acquisitions.