Inverness Medical Innovations Launches Follow-Up Tender Offer for Additional Shares of Standard Diagnostics
WALTHAM, Mass., Feb. 23 Inverness Medical Innovations, Inc. (NYSE: IMA), a global leader in enabling individuals to take charge of their health at home through the merger of rapid diagnostics and health management, today announced the launch of another tender offer to acquire up to approximately 1,295,836 additional shares in Standard Diagnostics, or SD, a leading innovator of rapid diagnostics in Korea.
This tender offer follows the prior tender offer conducted by Inverness between January 11, 2010 and February 1, 2010, under which 4,767,025 shares were tendered by SD shareholders, providing Inverness with a majority interest of 61.9% of the issued and outstanding shares in SD.
Inverness is conducting this tender offer, which is not subject to any minimum tender condition, at the same tender offer price as the earlier tender offer, KRW 40,000 per SD share. Under this follow-up tender offer, shareholders may tender their shares from February 23, 2010 until March 15, 2010. The settlement date is March 22, 2010.
Dr. Cho, Representative Director, President and CEO of SD -- who supports this tender offer and believes this will provide the remaining shareholders with an additional opportunity to tender their SD shares -- has agreed not to tender his 1,635,694 shares and to preclude SD from tendering any of its treasury stock.
Ron Zwanziger, President and CEO of Inverness, stated: "We were very pleased with the results of the previous tender offer. However, in order to acquire additional SD shares and to afford the remaining shareholders with another opportunity to sell their shares at the attractive price of 40,000 KRW, we concluded that we would launch this follow-up tender."
If a sufficient number of shares are tendered, it is expected that Inverness and Dr. Cho will seek to voluntarily delist SD from the Korea Exchange.
Inverness has retained Daewoo Securities Co., Ltd. as its tender offer agent.
The tender offer is being made pursuant to Article 134, Paragraph 1 of the Financial Investment Services and Capital Markets Act of the Republic of Korea. A more comprehensive description of the tender offer can be found in the tender offer statement that will be filed with the Financial Services Commission of the Republic of Korea. When available, copies of an English translation of these documents can be obtained from the tender offer agent.
This press release is neither an offer to purchase nor a solicitation of an offer to sell shares of SD. The tender offer is made only by the tender offer statement. Shareholders of SD are urged to read the relevant tender offer documents when they become available because they will contain important information that shareholders should consider before making any decision regarding tendering their shares.
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.
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 product 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 United States federal and Korean securities laws, including statements regarding potential benefits and other 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, increases in the price of SD shares, the possibility that no shares may be tendered, the possibility that conditions to the offer will not be satisfied, and the possibility that the anticipated benefits of the transaction will not be realized. Inverness undertakes no obligation to update any forward-looking statements.
For inquiries, please contact: News Communications Soo Park at 82 2 6323 5000 Matilda Lee at 82 2 6323 5008
SOURCE Inverness Medical Innovations, Inc.
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