Shareholders Approve Invitrogen-ABI Merger
According to the EC’s website, the provisional deadline for an opinion is November 11. Invitrogen stated in its quarterly conference call that the EC has not expressed any concerns about the companies’ filing. In the third quarter, Invitrogen recorded $11 million in expenses associated with the acquisition.
Carlsbad, CA 10/28/08; Norwalk, CT 10/28/08—On October 28, Invitrogen and Applied Biosystems’ shareholders voted in separate meetings to approve the companies’ merger agreement (see IBO 6/15/08). More than 98% of the each company’s shares voted were cast in favor of the transaction, according to the companies. The transaction is expected to close once the companies receive final approval from the European Commission (EC). In addition, Invitrogen CFO David Hoffmeister stated, “as a combined company, we will maintain AB’s hedging program through 2009, and potentially expand the practice to also include Invitrogen’s foreign currency exposure.”
