Thermo Fisher Scientific (NYSE:TMO) announces that its revised €43.00 per share offer for diagnostic test maker Qiagen (NYSE:QGEN) is no longer valid.
The deadline for a deal was Monday, August 10, contingent on at least 66.67% of QGEN shares tendered. According the settlement agents, only 47.02% of QGEN shares were.
TMO has terminated the acquisition agreement and will receive a $95M payment from QGEN per contract terms.
Thermo Fisher first announced a €39/share offer for QGEN in March, then upped its bid after institutional investors rebelled over, what they considered, an inadequate price considering the sharp spike in demand for QGEN’s COVID-19 tests. Certain shareholders were advocating a price of €48 to €52 per share.
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