Inverness Medical Innovations says it has made a $90 a share cash offer for Biosite that is "superior" to a buyout deal already accepted from Beckman Coulter.
Beckman said last month it would acquire Biosite for $85 a share, or about $1.55 billion, to expand its presence in the market for the diagnosis and assessment of heart failure. This morning, Beckman said it remains committed to completing the buyout of Biosite within 30 days.
Inverness already owns 4.9% of Biosite, which makes tests that help in the diagnosis of heart conditions and other diseases. Inverness said it must review Biosite's proprietary financial records before a formal offer could be submitted.
Beckman said its proposal was "superior to the unsolicited, highly speculative and conditional letter that Biosite has received from Inverness Medical."
Biosite stock surged in trading on Nasdaq. Beckman's shares lost ground on the New York Stock Exchange and Inverness' shares plunged on the American Stock Exchange.