Thermo Electron/Puritan-Bennett
This article was originally published in The Gray Sheet
Executive Summary
Waltham, Massachusetts-based Thermo extends until midnight on Dec. 8 its $24.50-per-share cash tender offer for outstanding common P-B shares. Thermo made the offer on Oct. 25 and has since extended it twice. Thermo says that this extension is "in light of the substantial support the offer has received from shareholders so far," as well as "new shareholder litigation filed in Delaware seeking to invalidate certain anti-takeover measures applicable to our offer." Respiratory products manufacturer P-B has urged its shareholders to reject the tender offer, saying it is inadequate. As of Nov. 28 -- the offer's most recent expiration date -- about 8.4 mil. shares had been tendered, representing approximately 72% of all outstanding P-B common stock and 67% on a fully diluted basis