Four Companies Make Bid for Whatman
Whatman’s failure to adequately capitalize on its purchase of Schleicher & Schuell (see IBO 11/15/04) has prompted several CEO changes and restructuring in the face of operational difficulties. In 2006, revenues rose 5% to £120.9 million ($223.9 million) in constant currency. The company’s sample preparation product lines would prove valuable to any of its suitors.
Four Companies Make Bid for Whatman London, UK 1/14/08 and 1/15/08—Filtration and life science consumables company Whatman has confirmed that it has received offers to acquire the company. The Financial Times reported on January 15 that Danaher, General Electric, Millipore and Parker Hannifin have approached the company and that the auction’s second round was held last week. According to the newspaper, the price could reach more than £300 million ($586 million). Goldman Sachs is handling the sale process and a buyer is expected to be chosen by the end of the month. When restructuring efforts were announced in September (see IBO 9/30/07), the company’s three largest shareholders asked the Board to consider acquisition offers. On January 14, the company announced that it estimates 2007 revenues to be £116 million ($232 million) for flat growth, excluding currency effects. In the second half of the year, revenues increased 16% at constant exchange rates. Year over year, orders booked rose 44%, in constant exchange rates, to £16 million ($32 million).
