MDS to complete acquisition of Molecular Devices, subsequent tender offer expires March 23

By Lisa Kerner

Charlotte, N.C., March 20 - MDS Inc. said that its affiliate, Monument Acquisition Corp., has accepted 15,319,964 shares, or 92%, of Molecular Devices Corp.'s outstanding stock in the tender offer that expired Monday.

All validly tendered shares have been accepted for payment.

A subsequent offering period for all remaining shares of Molecular Devices at $35.50 per share has begun and will end at 5 p.m. ET on March 23.

The original tender offer, which began on Feb. 14, was extended to March 19 from March 13, in consideration of certain foreign regulatory conditions necessary to complete the pending acquisition, according to a company news release.

MDS plans to combine its MDS Sciex business and Molecular Devices into a new business unit, MDS Analytical Technologies, led by MDS Sciex president Andy Boorn.

MDS announced the definitive merger agreement to acquire Molecular Devices on Jan. 29. The merger is expected to close in the second quarter of 2007.

Molecular Devices is a Sunnyvale, Calif., supplier of measurement tools for screening, cellular analysis and biochemical testing.

MDS is a life sciences company based in Toronto.

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