The cash tender offer expired at midnight Oct 31, 2007, and Siemens, Erlangen, Germany, plans to accept all validly tendered shares of US-based laboratory diagnostics company Dade Behring, Deerfield, Ill. The transaction is expected to close on or about Nov 6, 2007.
The depositary for the tender offer advised Siemens that as of the expiration of the tender offer, an aggregate of about 72,989,428 shares of common stock of Dade Behring had been validly tendered and not withdrawn which, together with approximately 2,663,344 shares to be tendered under guaranteed delivery procedures, represents approximately 94% of the outstanding common stock of Dade Behring. After closing, Dade Behring will be integrated in the existing business of Siemens Medical Solutions Diagnostics, a wholly owned subsidiary of Siemens Medical Solutions USA, Inc, Malvern, Pa.
With 2006 revenue of more than $1.7 billion, Dade Behring provides products, systems, and services to clinical labs.
Siemens, (Berlin and Munich), is among the top electrical engineering and electronics companies worldwide. Its roughly 475,000 employees develop and manufacture products, design and install complex systems and projects, and tailor a range of services for customers in more than 190 countries. In fiscal 2006 (ended September 30), Siemens had sales of euro 87.3 billion and net income of euro 3.033 billion, according to US GAAP.
Siemens Medical Solutions of Siemens AG is among the top suppliers to the health care industry. Recent acquisitions in the area of in-vitro diagnostics—such as Diagnostic Products Corp and Bayer Diagnostics—have helped the Siemens become a full- service diagnostics company.
Employing more than 41,000 people worldwide and operating in over 130 countries, Siemens Medical Solutions reported sales of euro 8.23 billion, orders of euro 9.33 billion and group profit of euro 1.06 billion for fiscal 2006 (Sept. 30), according to US GAAP.
