December 24, 2019 / 7:42 PM / 2 months ago

Qiagen decides against sale following review, shares fall

(Reuters) - Genetic testing firm Qiagen NV (QIA.DE) (QGEN.N) said on Tuesday it has concluded a review of potential alternatives, including a sale of the company, and determined that continuing to be a stand-alone business is its best option.

The company’s U.S.-listed shares slumped 26.4% to $30.48 after the bell.

Qiagen said it got several indications of interest for an acquisition, but has now terminated all discussions saying they were not compelling.

The company, with a market capitalization of $9.32 billion as of Tuesday’s close, said in November it started reviewing options after receiving several indications of interest for a buyout.

Medical device maker Thermo Fisher Scientific Inc (TMO.N) approached Qiagen about a potential deal, according to media reports in November.

Qiagen Chief Executive Officer Peer Schatz stepped down in October after the company posted preliminary third-quarter sales below estimates.

Reporting by Roshan Abraham and Manojna Maddipatla in Bengaluru; Editing by Shounak Dasgupta

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