Vision Systems bidding war continues
This article was originally published in The Gray Sheet
Executive Summary
Bidding competition for anatomical pathology instrument maker Vision Systems could gain a third contender in Danaher. The diversified manufacturer of microscopic imaging, measurement and analysis tools is considering making an offer for Vision after acknowledging preliminary discussions Sept. 26. Ventana offered $346 mil. for the firm Aug. 13, after which Cytyc proposed a $374 mil. deal Sept. 13. On Sept. 29, Cytyc increased its bid to $517 mil., to "underscore" its "commitment" to completing a transaction in the wake of "increased interest from potential acquirors." Ventana has acquired a 10.2% stake in Vision Systems through open market purchases of 22 mil. shares. Meanwhile, Cytyc has "commitments for 13.9%" of Vision's fully diluted shares (1"The Gray Sheet" Sept. 18, 2006, p. 6)...