IDEX Corporation (IEX) announced that it has extended the subsequent tender offer period to acquire the remaining untendered shares of Microfluidics International Corporation (MFLU), through its subsidiary, Nano Merger Sub Inc. The time has been extended by seven days to March 10, 2011 from March 3, 2011.
Headquartered in Newton, MA, Microfluidics is a global leader in the design and manufacture of laboratory and commercial equipment used in the production of micro and nano scale materials.
IDEX Corporation declared that 7,410,530 shares were tendered, representing 71.05% of Microfluidics’ shares.
In the last week of February, management provided a subsequent tender offer to acquire the remaining untendered shares of Microfluidics for $1.35 for each share, which expired on March 3, 2011.
IDEX Corporation announced that 6,875,929 shares were tendered, representing 65.92% of Microfluidics’ shares. Consequently, the company obtained adequate voting power, allowing it to approve and adopt the merger agreement in the absence of assenting vote of Microfluidics’ stockholders.
According to Delaware law, if IDEX possesses 90% or more of Microfluidics’ shares after the cessation of the subsequent offering period, the conclusion of the proposed merger will be expedited.
In January, IDEX offered to buy Microfluidics at a price of $1.35 per share. This offered expired on February 24, 2011.
IDEX Corporation expects that the merger will provide significant growth opportunities, following the addition of Microfluidics with Quadro and Fitzpatrick pharma platform. The merger will support pharmaceutical research and production, due to Microfluidics’ technology in particle size reduction and nano particle.
Microfluidics will operate as an independent unit even after the acquisition, as a part of IDEX Fluid and Metering segment.
Incorporated in Delaware, IDEX is a provider of applied solutions that sells a broad range of pumps, flow meters and other fluidics systems and components and engineered products.
The company faces strong competition in product quality, price, design and engineering capabilities, product development, customer specifications and after sales service. Its direct competitors include Dover Corp. (DOV), Roper Industries Inc. (ROP) and Gardner Denver Thomas Inc.
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