Danaher Corp. announced Monday it planned to buy medical equipment maker Beckman Coulter Inc. for $6.8 billion.
The price of $83.50 per share is about 55 percent above the average stock price for Beckman Coulter over the past three months and a 45 percent increase over its closing price on Dec. 9, the day before it became public that the company was for sale.
The board of directors at Beckman Coulter already approved the deal, but it must still pass some considerations. The majority of Beckman Coulter’s outstanding common stock much be turned over as part of the offer.
The purchased is expected to be finalized by July and will add as much as 10 cents to the share price on Danaher’s 2011’s earnings, according to the company. Dahaher predicted the deal would also save it $250 million in the coming years.
“We believe Danaher’s planned purchase of Beckman Coulter … fits with the company’s acquisition strategy,” said Standard & Poor’s Equity Research analyst Efraim Levy. “It would provide Danaher with a strong brand and a global presence, as well as a business model comparable to some Danaher businesses, and one whose margins Danaher can help expand.”
Beckman Coulter, based in Orange County, Calif., makes a range of medical equipment used for drug research, clinical lab work and disease management. The company has annual revenue of around $3.7 billion and about 12,000 employees.
Beckman Coulter also operates as part of the in-vitro diagnostics market now valued about around $25 billion.