BD Makes Filing to Report Bid to Acquire TriPath Imaging, Inc.
BD (Becton, Dickinson and Company) filed with the Securities and Exchange Commission a Statement on Schedule 13D setting forth a proposal it made to acquire for a cash purchase price of $9.25 per share, or approximately $350 million, the approximately 93.5% of the outstanding shares of TriPath Imaging, Inc. (Nasdaq:TPTH) which BD does not currently own. TriPath Imaging develops, manufactures, markets and sells innovative solutions to improve the clinical management of cancer, including detection, diagnosis, staging and treatment. The proposal was solicited by TriPath Imaging in connection with the culmination by TriPath Imaging of a process to explore strategic alternatives.
BD's proposal states that it is conditioned upon, among other things, approval of the offer by the TriPath Imaging board of directors, the prompt negotiation of mutually acceptable definitive agreements, satisfactory completion of due diligence, and the obtaining of necessary regulatory approvals. Assuming that BD's proposal is accepted and definitive agreements are executed, it would be anticipated that the transaction would close during the first quarter of BD's 2007 fiscal year.
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