Becton Dickinson, TriPath Agree On $350 Million Merger
Posted September 11, 2006 2:10 a.m. EDT
BURLINGTON, N.C. — TriPath Imaging
has agreed to be acquired by Becton, Dickinson and Company in a deal worth $350 million.
Becton, Dickinson (BD) will pay $9.25 in cash for TriPath (Nasdaq: TPTH) shares.
BD (NYSE: BD) had already owned 6.5 percent of TriPath's stock.
TriPath solicited a bid from BD earlier this summer. BD made the offer on Aug. 14.
TriPath shares traded at $5.12 at the time.
The companies announced agreement on terms of the deal on Friday. A conference call is set for Sept. 13 to discuss the acquisition. The deal is expected to close in the fourth quarter.
TriPath offers diagnostic, staging and treatment products for the management of cancer.