Summary
Danaher Corporation announced on February 6, 2004, the successful completion of a tender offer for Radiometer A/S, a Danish manufacturer of medical instruments for blood gas analysis. Through its indirect wholly-owned subsidiary DH Denmark Holding ApS, Danaher acquired approximately 95.4% of Radiometer's share capital and 97.9% of its voting interests in a cash tender offer that expired on January 21, 2004. The initial acquisition cost was approximately DKK 4,236,000,000 (US$715,000,000) in cash, with the total expected to reach approximately DKK 4,400,000,000 (US$745,000,000) once remaining shares are acquired through mandatory offers and potential compulsory redemption under Danish law. Danaher funded this acquisition using its existing cash and short-term investments. The company intends to continue using Radiometer's assets for their current purposes, indicating a strategy of integrating the acquired business into its existing operations. This acquisition represents a significant move for Danaher into the medical instruments sector, specifically in the blood gas analysis market, and signals continued execution of its growth-by-acquisition strategy.
Key Highlights
- 1Danaher Corporation successfully acquired a controlling stake (95.4% of capital, 97.9% of voting interests) in Radiometer A/S through a cash tender offer.
- 2The tender offer for Radiometer, a Danish medical instrument company specializing in blood gas analysis, expired on January 21, 2004.
- 3The initial cash consideration for the acquired shares was approximately US$715 million (DKK 4,236,000,000).
- 4The total expected consideration for acquiring all of Radiometer is approximately US$745 million (DKK 4,400,000,000).
- 5Danaher funded the acquisition using its existing cash and short-term investments, indicating strong liquidity.
- 6The company plans to integrate Radiometer's operations and assets, continuing their existing use.
- 7This acquisition marks an expansion for Danaher into the medical diagnostics market.