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Inverness Medical Innovations Proposes to Acquire BBI Holdings Plc.

Publication: PR Newswire
Publication Date: 11-DEC-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
WALTHAM, Mass., Dec. 11 /PRNewswire-FirstCall/ -- Inverness Medical Innovations and BBI Holdings Plc today announced that they have reached agreement on a proposal for Inverness to acquire all of BBI's outstanding share capital. BBI, located in the United Kingdom, specializes in the development and manufacture of non-invasive lateral flow tests, or in IVD, and has achieved a global reputation for manufacturing superior quality gold reagents. BBI is quoted on the AIM market of the London Stock Exchange.

The acquisition is expected to be implemented by way of a Court approved scheme of arrangement under Section 425 of the UK Companies Act, whereby BBI would become a wholly-owned subsidiary of IMI. Under the scheme of arrangement, Inverness would offer BBI shareholders 195 pence (or approximately $3.95) per ordinary share, payable in IMI stock, with an option to select a cash alternative at 185 pence (or...

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