Bio-Rad Proposes to Buy BioSource

In the letter, Bio-Rad stated that it has made repeated attempts over the last two years to persuade the BioSource board to enter into negotiations regarding a merger but was rebuffed by the board.

Bio-Rad offered to pay U.S.$8.50 per share in cash for the outstanding shares. The company already owns about 5% of the outstanding shares of BioSource. "The synergies offered by the combination of the product lines and research capabilities of Bio-Rad and BioSource make this an attractive match and will enable us to add value to the BioSource business,” observed Brad Crutchfield, vice president, life sciences, Bio-Rad.

"Our offer represents a 21% premium to BioSource's closing price on April 5, 2005, and a 30% premium to its three-year average closing price,” said Norman Schwartz, president and CEO of Bio-Rad. "We believe this provides an attractive premium and enhanced liquidity for BioSource shareholders.” Based on the closing price on April 6, 2005, BioSource was valued at around $68 million, while the new proposal on April 7, 2005 valued BioSource at over $82 million.




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