Tag Archives: affx

Affymetrix Shareholders To Choose Between Origin, Thermo Fisher

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 .

Affymetrix Dives After Rejecting $1.5 Billion Origin Offer

Genetic-analysis company Affymetrix ( AFFX ) on Sunday rejected a $1.5 billion, $16.10 a share offer from Origin Technologies, saying it will stick with its planned $14-a-share takeover by Thermo Fisher Scientific ( TMO ). Affymetrix shares dived 10.3% to 14.35 in morning trade on the stock market today , Shares of Affymetrix hit an eight-year high Friday on Origin’s offer, soaring 14% to 15.99. Affymetrix has traded at or just above the Thermo Fisher Scientific bid of 14 since Affymetrix agreed to the offer on Jan. 8. Affymetrix said “Origin appears to be a newly-formed shell entity with no assets of which Affymetrix is aware, and whose sole source of funding for the proposed transaction is $1.5 billion in potential debt commitments.” That would be “materially short” of the funds needed to actually complete the deal, said Affymetrix, citing share compensation, a termination fee for Thermo Fisher Scientific and other items. Thermo Fisher agreed with Affymetrix, issuing a statement that it sees its bid as superior. Thermo stock fell 21 cents to 139.79. Origin Technologies was formed by a group of ex-Affymetrix executives with the purpose of buying the company. Origin President Wei Zhou, a former senior vice president at Affymetrix, also started genomics company Centrillion Technology in 2009. Wei and said that Origin has the option of combining with Centrillion after acquiring Affymetrix.

Affymetrix Rejects $1.5 Billion Origin Offer; Stock Set To Dive

Genetic-analysis company Affymetrix ( AFFX ) on Sunday rejected a $1.5 billion, $16.10 a share offer from Origin Technologies, saying it will stick with its planned $14-a-share takeover by Thermo Fisher Scientific ( TMO ). Affymetrix shares dived 9.5% to 14.48 shortly after the open on the stock market today , Shares of Affymetrix hit an eight-year high Friday on Origin’s offer, soaring 14% to 15.99. Affymetrix has traded at or just above the Thermo Fisher Scientific bid of 14 since Affymetrix agreed to the offer on Jan. 8. Affymetrix said “Origin appears to be a newly-formed shell entity with no assets of which Affymetrix is aware, and whose sole source of funding for the proposed transaction is $1.5 billion in potential debt commitments.” That would be “materially short” of the funds needed to actually complete the deal, said Affymetrix, citing share compensation, a termination fee for Thermo Fisher Scientific and other items. Thermo Fisher agreed with Affymetrix, issuing a statement that it sees its bid as superior. Origin Technologies was formed by a group of ex-Affymetrix executives with the purpose of buying the company. Origin President Wei Zhou, a former senior vice president at Affymetrix, also started genomics company Centrillion Technology in 2009. Wei and said that Origin has the option of combining with Centrillion after acquiring Affymetrix.