Applied Biosystems, Invitrogen complete $6.7 billion merger
San Francisco Business Times
Invitrogen Corp. and Foster City-based Applied Biosystems Inc. completed their $6.7 billion merger, the companies said Friday.
The new company will be called Life Technologies Corp. and will be traded on the Nasdaq Global Select Market under the ticker symbol “LIFE” starting Nov. 24.
Stockholders representing about 84 percent of the outstanding stock of Applied Biosystems (NYSE: ABI) chose to receive cash for their shares, 2 percent elected to receive Invitrogen stock and 7 percent will get a mix of cash and stock, according to GenomeWeb Daily News.
Shareholders who elected cash will receive slightly more cash and slightly fewer shares than they would have received if they had elected the mixed consideration, the companies said.
Gregory Lucier, chairman, president and CEO of Invitrogen (NASDAQ: IVGN), will be chairman and CEO of Life Technologies.
“This is an exciting time in the history of Invitrogen and Applied Biosystems,” Lucier said.
The companies announced the merger in June.
The combined companies will have historical sales of about $3.5 billion, 9,500 employees and more than 3,600 patents and exclusive licenses.
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