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Solvay Raises Offer for Biotech Firm

9:03 AM MDT | July 9, 2008 | Kerri Walsh

Solvay says it has increased its offer to acquire biotechnological firm Innogenetics (Gent, Belgium) from €5.75/share in cash, to €6.50/share in cash. The higher offer values the deal at €200.7 million for all of the outstanding shares, Solvay says. This is a 74% premium to the closing price of April 24, 2008, the day before Solvay’s initial offer. Solvay says it raised its offer price following a €215-million bid for Innogenetics from Gen-Probe (San Diego) in June. The deal between Solvay and Inogenetics is expected to close during...

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