Genetix Group Update Re-Proposed Acquisition of Applied Imaging Corporation
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Genetix Group plc has announced that following the announcement on 23rd October that the Company had responded to a proposal from a third party for the acquisition of Applied Imaging Corporation ("AI") Genetix has again been formally notified that the board of AI has received a further superior proposal from the third party for the acquisition of AI and of its intention to effect a change of recommendation and terminate the definitive agreement to acquire all the issued and to be issued share capital in AI.
In light of this development the Company formally notified AI that it has increased its all cash offer for AI from $21.3m to $22.5m which has been accepted by the board of AI and accordingly AI will shortly be sending details of this increased offer to its stockholders in order to seek their approval for its terms.
Commenting on the acquisition, Mark Reid, Chief Executive of Genetix said, "We continue to be excited with the growth prospects associated with combining these two respected businesses and we remain confident that the additional investment will result in enhanced shareholder value."
