Vision Systems warms to Cytyc offer
This article was originally published in The Gray Sheet
Executive Summary
Histology instrument maker Vision Systems formally terminates planned $346 mil. merger deal with Ventana Oct. 4 as it continues to weigh a rival $517 mil. acquisition bid from Cytyc. On Sept. 29, cytology device manufacturer Cytyc sweetened its initial $374 mil. counter-offer to the Ventana deal in response to increased interest from potential acquirors (1"The Gray Sheet" Oct. 2, 2006, In Brief). At $2.42 per share (based on current exchange rates), the latest Cytyc proposal represents a roughly 87% premium over Vision's Aug. 11 closing price of $1.29 - the last close prior to Ventana's offer of $1.61 per share. Microscopic imaging system maker Danaher also is considering making an offer for Vision Systems, possibly in conjunction with Ventana...