The Wall Street Journal-20080116-Lifecore Biomedical Inc-- Warburg Pincus to Buy Company for --36-17 a Share
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Lifecore Biomedical Inc. agreed to be acquired by private-equity firm Warburg Pincus for $239 million, or $17 a share, a 32% premium to Lifecore's closing price Monday of $12.84. Lifecore, a Chaska, Minn., biomaterials and medical-devices maker, said it intends to solicit superior proposals from third parties during the next 30 calendar days, as permitted by, and subject to, the terms of the definitive agreement. Yesterday, Lifecore also reported that fiscal second- quarter net income fell 9% to $1.24 million, or 9 cents a share, from $1.37 million, or 10 cents a share, a year earlier, on lower-than- expected sales in its domestic dental unit. Sales for the period rose 4.5% to $17.3 million.