Siemens Receives German Clearance for Acquisition of Diagnostic Products Corporation
23 Juni 2006 - 2:00PM
Business Wire
On June 22, 2006, the Medical Solutions Group of Siemens AG (NYSE:
SI) received notification of clearance from the German Federal
Cartel Office to proceed with the proposed acquisition of
Diagnostic Products Corporation (NYSE: DP) pursuant to the
previously announced merger agreement between Siemens and DPC. As
previously announced, the board of directors of each company has
approved the agreement. DPC shareholders of record at the close of
business on Monday, June 19, 2006 will be entitled to notice of,
and to vote at, the special meeting of DPC shareholders, which will
be held on July 27, 2006. The transaction is subject to customary
closing conditions. It has a value of approximately $1.86 billion.
Siemens Medical Solutions, with headquarters in Malvern,
Pennsylvania, and Erlangen, Germany, is one of the largest
suppliers to the healthcare industry in the world. The company is
known for bringing together innovative medical technologies,
healthcare information systems, management consulting, and support
services, to help customers achieve tangible, sustainable, clinical
and financial outcomes. Employing approximately 33,000 people
worldwide and operating in more than 120 countries, Siemens Medical
Solutions reported sales of EUR 7.6 billion, orders of EUR 8.6
billion and group profit of EUR 976 million for fiscal 2005
(September 30). More information can be obtained by visiting
www.usa.siemens.com/medical-pressroom. Diagnostic Products
Corporation, founded in 1971, is a leader in the global in vitro
diagnostics market. DPC's product offering includes the widely
accepted IMMULITE(R) series of immunoassay systems, more than 75
immunoassays and an expanding menu of essential specific allergens
and allergy panels that are run just like other immunoassays. DPC
also designs and manufactures automated laboratory instrumentation
and automation solutions that provide fast, accurate results while
enabling our customers to do "more with less" in a leaner
laboratory. DPC's combined chemistry and immunoassay menu is one of
the largest and most diversified available, covering most
laboratory tests requested. In fiscal 2005 (December 31), DPC
reported sales of $481 million and income from operations of $96
million. Additional information can be found at DPC's website at
www.dpcweb.com. DPC has filed proxy materials regarding the
proposed merger described in this communication with the Securities
and Exchange Commission. Investors and security holders are urged
to read the proxy statement, because it will contain important
information about DPC and the proposed merger. A definitive proxy
statement will be sent to security holders of DPC seeking their
approval of the transaction. Investors and security holders may
obtain a free copy of the definitive proxy statement (when
available) and other documents filed by DPC with the SEC at the
SEC's website at www.sec.gov. The definitive proxy statement and
other relevant documents may also be obtained free of cost by
directing a request to DPC, 5210 Pacific Concourse Drive, Los
Angeles, California 90045, attention: Investor Relations (telephone
310-645-8200). DPC and its directors and executive officers may be
deemed to be participants in the solicitation of proxies from the
shareholders of DPC in connection with the merger. Information
about DPC and its directors and executive officers can be found in
DPC's Proxy Statements and Annual Reports on Form 10-K filed with
the SEC. Additional information regarding the interests of those
persons may be obtained by reading the proxy statement when it
becomes available. Except for the historical information contained
herein, this press release contains forward-looking statements that
involve risks and uncertainties that could cause actual results to
differ materially. These factors include governmental or other
action relating to DPC's Chinese affiliate; the rate of customer
demand for DPC's products; DPC's ability to successfully market new
and existing products; its dependence on certain suppliers;
domestic and foreign government regulation; its ability to keep
abreast of technological innovations and to translate them into new
products; competition; political and economic instability in
certain markets including the movements of foreign currencies
relative to the dollar; and other risks and uncertainties disclosed
from time to time in DPC's SEC reports and filings.
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