Inverness, Cholestech clear waiting period hurdle in stock-for-stock exchange merger

By Lisa Kerner

Charlotte, N.C., July 25 - The Hart-Scott-Rodino waiting period ended in the proposed merger of Inverness Medical Innovations, Inc. and Cholestech Corp. without a request for additional information.

"While we fully expected this outcome, we are nevertheless delighted to be able to move forward expeditiously with closing this exciting deal pending approval by Cholestech's shareholders," Inverness chief executive officer and president Ron Zwanziger said in a company news release.

Cholestech president and chief executive officer Warren Pinckert II said his company is excited to bring Inverness' new product pipeline of cardiac markers to Cholestech's installed base of physician offices.

As previously reported, Inverness agreed to acquire Cholestech in a stock-for-stock merger at a fixed exchange ratio of 0.43642 of a share of Inverness common stock for each share of Cholestech common stock.

The transaction, structured as a tax-free reorganization, is slated to close during the fall of 2007.

Cholestech, located in Hayward, Calif., develops diagnostic tools for risk assessment and therapeutic monitoring of heart disease and inflammatory disorders.

Inverness is a diagnostic device developer based in Waltham, Mass.

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