Immunodiagnostic Systems Holdings PLC (LON:IDH) has agreed to be taken over by US giant PerkinElmer, Inc. (NYSE:PKI) for £110mln.
Shareholders will receive 382p in cash for each Immunodiagnostic Systems (IDS) share, representing a 50% premium to Friday’s closing price.
The diagnostics group said that the takeover will allow it to speed up its growth plans while cooperating more closely with existing partner Euroimmun, also part of the PerkinElmer group.
IDS directors, who were advised by Peel Hunt, are recommending shareholders vote in favour of the proposal.
PerkinElmer has received binding agreements from some of its own shareholders, namely Forum Venture Capital GmbH, Forum European Smallcaps GmbH, Shareholder Value Management AG, Shareholder Value Beteiligungen AG, Frankfurter Aktienfonds für Stiftungen and Frankfurter Value Focus Fund, to approve the acquisition.
IDS is a specialist producer of manual and automated diagnostic testing kits and instruments for the clinical and research markets, while PerkinElmer, part of the S&P 500 index, has various products, services and solutions for diagnostics, life sciences, food and applied markets.