Invitrogen (IVGN) To Acquire Applied Biosystems (ABI) In $6.7B Deal

June 12, 2008 8:15 AM EDT

Invitrogen Corporation (NASDAQ: IVGN) and Applera Corporation today announced that their Boards of Directors have approved a definitive merger agreement, under which Invitrogen will acquire all of the outstanding shares of Applera's Applied Biosystems Group (NYSE: ABI) in a cash and stock transaction valued at $6.7 billion.

Under the terms of the merger agreement, Applera-Applied Biosystems shareholders will receive $38.00 for each share of Applera-Applied Biosystems stock they own in the form of Invitrogen common stock and cash. The expected split between cash and stock is 45% and 55%, respectively. Applera-Applied Biosystems shareholders will receive a value of $38.00 a share if the 20 day volume-weighted average price of Invitrogen common stock is in the range of $43.69 - $46.00 three business days prior to the close of the transaction.

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