Two longtime denizens of the science lab, Thermo Electron Corp. and Fisher Scientific International Inc., are expected to announce a $10.6 billion all-stock deal as early as today, according to people familiar with the matter.
The combination will create a massive supplier of scientific and lab equipment ranging from test tubes and autopsy tables to infrared microscopes and DNA-analysis tools.
Fisher's $9.04 billion market capitalization is 40% greater than Thermo's, but the deal is structured as an acquisition of Fisher by Thermo, these people said. Under the terms approved by both boards last night, Fisher shareholders will receive two shares of Thermo, which closed Friday at $39.45 each on the New York Stock Exchange. At a combined $78.90, Thermo's offer represents a premium of 7% to Fisher shareholders based on where the two stocks closed trading on Friday. Also on the Big Board Friday, Fisher finished at $73.73.
Fisher shareholders will own about 60% of the combined company, which will be named Thermo Fisher Scientific Inc. and employ about 30,000. Marijn E. Dekkers, Thermo's president and chief executive, will be CEO of the combined company.
Source: www.wsj.com |
