DOW JONES NEWSWIRES
Thermo Fisher Scientific Inc. (TMO) again extended its $2.1
billion cash offer to buy laboratory-equipment maker Dionex Corp.
(DNEX) by a month, as the number of shares tendered pushed above
half of those outstanding.
As of 5 p.m. EST Tuesday, about 52% of outstanding shares had
been tendered, up from 20% a month ago.
Thermo Fisher, which sells analytical instruments as well as
equipment and service for labs and research centers, has been
growing through acquisition since its creation in 2006 through the
merger of Thermo Electron and Fisher Scientific International. In
its most recent quarterly results, earnings rose 8.9% thanks to
improved margins despite a decline in revenue. Its bottom line has
been strengthening recently after weakness during the
recession.
The planned acquisition of Dionex at $118.50 a share would
expand Thermo Fisher's offerings of liquid-chromatography products,
which are used to analyze chemical substances. The deal would
improve Thermo Fisher's standing in markets like environmental
analysis, water testing and food safety.
Dionex shares were up two pennies at $117.67 after hours, while
Thermo Fisher's weren't active after they closed the regular
session down 0.9% at $56.62. Dionex's stock has surged 75% in the
past year.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com