Eppendorf Acquiring NBS
EDISON, N.J. and HAMBURG, Germany, July 11, 2007 -- Scientific equipment maker New Brunswick Scientific (NBS) Co. Inc. and biotechnology company Eppendorf Group today announced Eppendorf will acquire NBS in a transaction valued at approximately $110 million.
Eppendorf, based in Hamburg, makes laboratory instruments and systems such as pipettes, dispensers and centrifuges used in life science, drug discovery and clinical, environmental and industrial laboratories. NBS, of Edison, provides equipment and instrumentation to the life science industry.
In a joint statement, the companies said the privately held Eppendorf will acquire NBS for $11.50 per share and will settle all the company's outstanding stock options for cash. At closing, NBS will become a wholly owned subsidiary of Eppendorf and its stock will no longer be publicly traded. Eppendorf said it expects to operate NBS as a "Center of Excellence" as part of its international activities.
The companies said the NBS board has unanimously approved the transaction, and that David Freedman, co-founder and chairman of NBS, Freedman family members and others who own a combined 26 percent of the company will also vote in favor of the deal.
"While there is always some sadness in selling the company that we have built, I am pleased that Eppendorf is the buyer. This well-regarded manufacturer offers the opportunity to continue the NBS brand, to support our customers and our products, and to offer the opportunity for our employees to continue with NBS," Freedman said.
"NBS's strong brand recognition and leadership position in complementary market segments makes this a compelling acquisition opportunity for Eppendorf," said Klaus Fink, CEO of Eppendorf. "We are excited to welcome NBS and its employees into the Eppendorf family. Our similar histories and cultures create a solid basis for future successes together."
The closing is subject to customary conditions, including regulatory approvals and the approval of NBS shareholders. The companies said they expect the transaction to close sometime during the third quarter of 2007.
For more information, visit: www.eppendorf.com
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