WALTHAM, Mass., Feb. 1 Inverness Medical Innovations Inc. (NYSE: IMA) announced today that its tender offer for Standard Diagnostics ("SD"), a leading innovator of rapid diagnostics based in Korea, was successful. The tender offer, which expired today, was conditioned upon the tender of at least 2,408,000 shares by SD shareholders. Although Daewoo Securities Co., Ltd., the tender offer agent, is confirming the exact number of shares that were tendered, preliminary results show that approximately 4,767,025 shares were tendered by SD shareholders (representing approximately 61.9% of the issued and outstanding shares in SD). The final number and percentage of shares tendered will be announced in accordance with legal requirements with all validly tendered shares being settled at KRW 40,000 per share on February 8, 2010.
SD had revenues of approximately $36.8 million (40.3 billion Korean Won) for the year ended December 31, 2008 and $36.0 million (44.0 billion Korean Won) for the nine months ended September 30, 2009. We expect that SD will become a subsidiary of Inverness and that following the completion of the tender Inverness will consolidate the financial results of SD with those of Inverness.
About Inverness Medical Innovations
By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life at home. Inverness' global leading products and services, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women's health. Inverness is headquartered in Waltham, Massachusetts. For more information regarding Inverness Medical Innovations, please visit www.invmed.com.
About Standard Diagnostics
Standard Diagnostics, Inc., listed on the KOSDAQ stock market since January 23, 2003, is a global player in the medical diagnostics' industry. Its main products lines relate to diagnostics reagents or devices for hepatitis, infectious diseases, tumor markers, fertility, drugs of abuse, urine strips and protein strips. For more information on Standard Diagnostics visit www.standardia.com.
Cautionary Note Regarding Forward-Looking Statements:
This press release may contain forward-looking statements within the meaning of the Korean and United States federal securities laws, including statements regarding the expected consummation of the tender offer and the results or effects of the tender offer. These statements reflect Inverness' current views with respect to future events and are based on management's current assumptions and information currently available. Actual results may differ materially due to numerous factors including, without limitation, the possibility that conditions to the offer will not be satisfied and the possibility that the anticipated benefits, including synergies, of the transaction will not be realized. Inverness undertakes no obligation to update any forward-looking statements.
SOURCE Inverness Medical Innovations Inc.