Invitrogen shareholders approve merger with Applied Biosystems
- Posted on 04 November 2008
Invitrogen Corp announced that its shareholders have voted to approve the company's proposed merger with Applied Biosystems at a special meeting of shareholders held on October 28, 2008.
The preliminary tabulation indicates that more than 98% of the shares voted were cast in favor of the transaction.
The number of shares voted in favor of the transaction represented approximately 80% of the total shares outstanding and entitled to vote at the meeting.
The company also provided an update on its merger with Applied Biosystems.
As stated on the company's earnings call October 21, the integration remains on track, with detailed integration plans in place by function.
In addition, Invitrogen remains committed to $80 million cost synergies for year one, $20 million higher than previously communicated.
"As we approach the closing date for this transaction, we continue to evaluate all areas within finance at the two companies and choose the best practices from each," said David Hoffmeister, Invitrogen's chief financial officer.
"One such practice we have chosen to continue is Applied Biosystems' foreign currency hedging program. As a combined company, we will maintain AB's hedging program through 2009, and potentially expand the practice to also include Invitrogen's foreign currency exposure."
