Thermo Acquisition Gets Thumbs Up from Life Tech Stockholders
Life Technologies' stockholders voted to adopt the merger agreement announced back in April providing for the acquisition of Life Tech by Thermo Fisher Scientific. More than 98% of votes cast at the Special Meeting of Stockholders were in favor of the transaction, reportedly representing more than 72% of all outstanding shares.
According to the April agreement made by Life Tech's board of directors, Thermo Fisher will acquire Life Technologies for $76.00 per share in cash, subject to potential increase in certain circumstances if the merger does not close by January 14, 2014. The transaction is expected to close early in 2014, and Thermo Fisher and Life Tech said at the time that they expect to cut $85 million in costs during the first full year of the deal.
"Today's approval represents a significant milestone and brings us one step closer to joining Thermo Fisher," said Gregory T. Lucier, Life Tech chairman and CEO, in a statement. "I want to thank all of our stockholders for their support, which is a testament to the tremendous advantages and opportunities that this transaction provides to stakeholders of both companies. We look forward to joining together with Thermo Fisher in order to accelerate innovation for our customers and achieve greater success in a highly competitive global industry."