IRIS International Inc Announces Agreement To Be Acquired By Danaher Corporation For $19.50 Per Share

IRIS International Inc announced that it has entered into a definitive merger agreement under which Danaher Corporation will acquire IRIS International for $19.50 per share in cash. An affiliate of Danaher is expected to commence a tender offer for all of IRIS's outstanding common stock within the next seven days, which offer will remain open for a minimum of 20 business days following commencement. The tender offer is conditioned upon at least a majority of IRIS' outstanding shares being tendered, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary conditions. The transaction is structured as a tender offer followed by a merger and is expected to be completed in the fourth quarter of 2012. Upon closing, IRIS will become part of Danaher's Beckman Coulter Diagnostics business. Citi is acting as financial advisor and Stubbs Alderton & Markiles, LLP is serving as legal counsel to IRIS in connection with the transaction.