Wednesday, January 14, 2009

Sequenom In Hostile Bid For Competitor

San Diego-based Sequenom, a developer of genetic analysis products, is making a hostile bid for a competitor, EXACT Sciences Corporation, shortly after an offer was rejected by Exact's board. Sequenom said this morning that it has offered to acquire all of the outstanding shares of common stock of EXACT Sciences, for $41M, or $1.50 per share in Sequenom common stock. Sequenom had been rejected by EXACT Sciences Monday in its offer to the board, with Exact saying that it believes other strategic alternatives would offer a better value to its shareholders.