South Korean firms to take Meridian Bioscience private in $1.53 bln deal (updated)

VivoPower

07/07/2022 13:19

(Adds details on the deal)
    July 7 (Reuters) - Meridian Bioscience Inc  VIVO.O  will be
acquired by SD Biosensor Inc  137310.KS  and PE firm SJL
Partners LLC in an all-cash $1.53-billion deal, the companies
said on Thursday, accelerating the South Korean diagnostic
firm's entry into the U.S. market. 
    Meridian shareholders will receive $34 per share in cash, a
1.3% premium to the stock's closing price on Wednesday, under
the deal.    
    The Cincinnati, Ohio-based diagnostic kit maker said the
offer was 32% higher than its stock's closing price a day before
the South Korean firms made their first offer in March. It did
not disclose the details of the earlier offer.  urn:newsml:reuters.com:*:nPn8978Wra     
    "This announcement follows an extensive and deliberate
review of Meridian's growth and value creation opportunities in
the context of the broader macroeconomic and industry
environment," Meridian Chairman John C. McIlwraith said.
    Upon completion of the take-private transaction, expected in
the fourth quarter, SD Biosensor will own about 60% of Meridian
and SJL the rest. 
    

 (Reporting by Leroy Leo in Bengaluru;
Editing by Vinay Dwivedi)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))