PKN is very active on the merger front. This can be expensive, but it can also build a major force in the industry.
Perkin-Elmer and PerSeptive Biosystems Receive Antitrust Clearance For Merger
PR Newswire - January 16, 1998 10:33
NORWALK, Conn. and FRAMINGHAM, Mass., Jan. 16 /PRNewswire/ -- Perkin-Elmer
(NYSE: PKN) and PerSeptive Biosystems, Inc. (Nasdaq: PBIO) announced today
that the Antitrust Division of the U.S. Department of Justice has agreed to a
termination of the waiting period for completion of the parties' previously
announced merger under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act.
The companies also announced that PerSeptive has agreed to sell its DNA
synthesis patent rights to NeXstar Pharmaceuticals, Inc. The merger has been
scheduled for completion on January 22, 1998.
In the merger, shares of PerSeptive common stock will be converted into
shares of Perkin-Elmer common stock at an exchange rate equal to $13.00
divided by the average closing sales prices of Perkin-Elmer stock on the New
York Stock Exchange composite tape during the 20 trading days ending on
Friday, January 16, 1998. In no event, however, will the exchange rate be
more than 0.1926, or less than 0.1486, of a share of Perkin-Elmer common stock
for each share of PerSeptive common stock.
SOURCE PerSeptive Biosystems, Inc.
/CONTACT: Noubar B. Afeyan, Ph.D., Chairman and CEO of PerSeptive,
508-383-7710 or Investors: Charles Poole, 203-761-5400 or Media: Edward Bloch
(East Coast), 203-761-5248 or Valerie Tucker (West Coast), 650-638-5530 all
with Perkin-Elmer/
(PBIO PKN) |
