Jack Meehan, an analyst at the firm, noted that one of the bidders' bid was merely $0.50 less than Danaher's bid. Cepheid, according to analyst, preferred Danaher due to less regulatory risk and the modestly better offer price.
Comparing Cepheid's proxy statement with Alere Inc ALR's statement, Barclays noted that the early bidding process for both assets reveal interesting insights. Apart from the number of companies in the fray, the firm said the proxy included Cepheid management's projections on the business, showing double-digit revenue growth annually through 2025.
Barclays also noted that Cepheid is required to pay a termination fee of $131 million in cash if the deal is terminated and that the shareholders of Cepheid will vote on three proposals recommended by the board at the general meeting.
At time of writing, Danaher shares were down 1.2 percent at $76.66, and Cepheid was modestly up (+0.27 percent) at $52.64.
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