Idex Acquires Microfluidics, a Chemical Equipment Manufacturer
2021-05-28 18:46:06
On the early morning of January 12, Idex Corp (IEX) announced that it will acquire Microfluidics International Corp, a manufacturer of pharmaceutical and chemical material manufacturing equipment.
Idex stated that its acquisition offer has a valuation of Microfluidics at $1.35 per share, a premium of 69% over the stock's weighted average closing price over the past 30 days.
Microfluidics is headquartered in Newton, Mass., with revenue of $16 million in 2009.
This cash transaction is expected to be completed in the first quarter.
Idex is headquartered in Lake Forest, Illinois, producing Jaws of Life rescue equipment and other products. The company expects the acquisition will drive its earnings growth in 2011.
As part of this transaction, a division of biotechnology company Celgene Corp (CELG) will sell $5 million of Microfluidics bonds to Idex, which can be converted to approximately 28% of Microfluidics's shares. Celgene will also cancel all outbound Microfluidics stock warrants. Microfluidics' directors and executives have agreed to pre-subscribe their stocks, including Microfluidics founder Irwin Gruverman, who owns about 16% of the company's shares.
Idex stated that its acquisition offer has a valuation of Microfluidics at $1.35 per share, a premium of 69% over the stock's weighted average closing price over the past 30 days.
Microfluidics is headquartered in Newton, Mass., with revenue of $16 million in 2009.
This cash transaction is expected to be completed in the first quarter.
Idex is headquartered in Lake Forest, Illinois, producing Jaws of Life rescue equipment and other products. The company expects the acquisition will drive its earnings growth in 2011.
As part of this transaction, a division of biotechnology company Celgene Corp (CELG) will sell $5 million of Microfluidics bonds to Idex, which can be converted to approximately 28% of Microfluidics's shares. Celgene will also cancel all outbound Microfluidics stock warrants. Microfluidics' directors and executives have agreed to pre-subscribe their stocks, including Microfluidics founder Irwin Gruverman, who owns about 16% of the company's shares.
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