Siemens extends tender offer for Dade Behring

By Lisa Kerner

Charlotte, N.C., Sept. 27 - Siemens Corp. extended its cash tender offer for Dade Behring Holdings, Inc. to midnight ET on Oct. 31, a company news release stated.

A total of 66,159,433 shares, or 82.55%, of Dade Behring common stock had been tendered as of midnight ET on Sept. 26, the original offer expiration date.

Siemens, through its wholly owned subsidiary Belfast Merger Co., began the $77-per-share cash tender offer on Aug. 8.

The European Commission's initial investigation period is set to expire on Oct. 25, with European merger control clearance expected in time to close the merger by the end of 2007. It was previously reported that the Hart-Scott-Rodino waiting period ended Sept. 17. The $7 billion deal had been expected to close in the first quarter of 2008.

"We have made an attractive offer and do expect a smooth completion of the transaction after we have received full clearance from the antitrust authorities," Siemens chief financial officer Joe Kaeser said in the release.

Dade Behring, a clinical diagnostics company based in Deerfield, Ill., operates in 35 countries. The company had 2006 revenue of more than $1.7 billion.

Siemens is a subsidiary of Munich-based Siemens AG, which develops and manufactures electrical engineering products and electronics.

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