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Gene-analysis firm Affymetrix ( AFFX ) said Wednesday that there will be a special shareholder meeting Thursday to discuss a new buyout offer from Origin Technologies, in its bid to woo Affymetrix away from Thermo Fisher Scientific ( TMO ). Late Tuesday, Origin Technologies, which was formed by former Affymetrix employees specifically to take over Affymetrix, raised its bid for the company to $17 a share, and increased its reverse termination fee to $100 million. Last week, Origin had offered $16.10 a share for Affymetrix , which the company’s board rejected over the weekend on the grounds that it was funded solely by debt commitments and wouldn’t be enough to cover the “amounts required to be paid in respect of existing shares, employee equity arrangements, existing convertible notes and credit facility, and anticipated transaction expenses, including a termination fee payable to Thermo Fisher Scientific.” On Wednesday, Affymetrix’s leadership reluctantly admitted that the new offer “could reasonably be expected to lead to a superior proposal,” and so the company is legally required to hold a special shareholder meeting, followed by a vote scheduled for March 31. The board still advocated that shareholders stick with the Thermo Fisher deal, which was $14 a share, or $1.3 billion in cash. Affymetrix stock rose 5.2% to 15.11 in the stock market today . Thermo Fisher stock was flat, at 138.82. Image provided by Shutterstock . Scalper1 News
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