US$75 per share bid for Life Technologies now under negotiations

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The leading bidder for genetics firm Life Technologies is Thermo Fisher Scientific Inc. With a bid of US$75 per share, it was also awarded exclusive negotiating rights, according to anonymous sources familiar with the transaction.

The rights were afforded to Thermo Fisher over the weekend and Life is trying to forge the deal before the market opens in New York. While there was no guarantee that any agreement would be reached, the all-cash bid remains the most lucrative, as it is valued at US$12.8 billion. The deadline for bid submissions was lat April 12.

Life is the manufacturer of cutting edge DNA sequencing equipment with a market value of above US$11 billion. Through the advice of Deutsche Bank AG and Moelis & Co, the company has been reviewing its options and because of the negotiations, the shares of the California-based firm has increased in value by at least 24% from January 17.

The cash bid of US$75 would provide at least a 10% premium from the closing price of the firm in the bourse at US$68. Life spokeswoman Suzanne Hatcher and Thermo Fisher spokesman Ron O'Brien didn't return calls for comments.

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