Thursday May 27, 11:24 am Eastern Time
Company Press Release
SOURCE: Pierce Chemical Company
Perstorp AB Makes Offer to Acquire Endogen, Inc.
ROCKFORD, Ill., and WOBURN, Mass., May 27 /PRNewswire/ -- Perstorp AB subsidiary PerBio Science AB and
Endogen, Inc. (Nasdaq: ENDG - news; BSE: EDG - news) announced today that they have executed a definitive merger
agreement that provides for a cash tender offer for all of the outstanding shares of Endogen, Inc. for a total transaction value of
approximately $13.6 million. PerBio Science AB, which is a leading supplier in several life science product segments, consists
of the American companies Pierce Chemical Company of Rockford, Illinois; Pierce Milwaukee, Inc. of Milwaukee; and
HyClone Laboratories, Inc. of Logan, Utah; and of the Sweden-based company Atos Medical.
PerBio Science's offer relates to the acquisition of all of the outstanding shares of Endogen, Inc. for $3.75 per share in cash.
The tender offer will be commenced within five business days. The tender offer will be conditional upon, among other things,
there being validly tendered and not withdrawn at least two-thirds of the fully diluted outstanding shares of Endogen, Inc. Upon
the successful completion of the tender offer, a subsidiary of PerBio Science AB will be merged into Endogen, Inc. and any
Endogen, Inc. shares not tendered and purchased in the tender offer will be converted into the right to receive $3.75 per share
in cash.
In connection with the execution of the merger agreement, PerBio Science AB has entered into an agreement with directors and
executive officers of Endogen, Inc. whereby they have agreed to tender their outstanding shares in the tender offer.
As part of PerBio Science AB, Endogen, Inc. will be closely affiliated with Pierce Chemical Company. Mr. Robb Anderson,
President of Pierce Chemical Company, said today, ''The merger with Endogen, Inc. will strengthen PerBio Science's position
as a world leader providing biotechnology products for the rapidly growing life science research and drug discovery markets.
Endogen's product portfolio adds to our existing product lines and will enable PerBio Science to expand its offerings of
high-tech products for immunologists, molecular biologists and cell biologists.''
PerBio Science AB (the former Perstorp Life Science Division) is a wholly owned subsidiary of Perstorp AB, a global
chemistry and materials technology corporation located in Perstorp, Sweden. In October 1999, PerBio Science AB is to be
spun off to shareholders and listed on the Stockholm Exchange.
Endogen, Inc. is a supplier of specialty reagents, immunoassay test kits and molecular research products to customers involved
in biomedical research, the biotechnology industry and pharmaceutical drug discovery.
SOURCE: Pierce Chemical Company |
