Thermo Fisher Scientific Terminates $12-Bn-Plus Acquisition of QiagenBy
Thermo Fisher Scientific reports that its $12-billion-plus offer to Qiagen, a provider of molecular diagnostics and sample preparation technologies, has lapsed after failing to acquire the needed number of shares to effectuate the acquisition.
Thermo Fisher had announced the proposed acquisition in March 2020 and launched the tender offer for Qiagen in May 2020. Thermo Fisher had initially offered EUR 39 ($43) per share for a $11.5-billion acquisition price, with 75% of Qiagen shareholders having to tender their shares by August 10, 2020. Thermo Fisher improved its offer to EUR 43.00 ($50 per share) last month (July 2020) and decreased the shareholder threshold requirement for the acquisition to 66.67%. Thermo Fisher disclosed that only 47.02% of Qiagen shares were tendered, thereby missing the required threshold.
As a result, Thermo Fisher has terminated its acquisition agreement with Qiagen, and Qiagen will pay Thermo Fisher an expense reimbursement payment of $95 million in cash in accordance with the terms of the acquisition agreement.