TriPath Imaging Announces Receipt of BD Proposal
August 14 2006 - 7:04PM
PR Newswire (US)
BURLINGTON, N.C., Aug. 14 /PRNewswire-FirstCall/ -- TriPath
Imaging, Inc. (NASDAQ:TPTH) today announced that it has received a
proposal from BD (Becton, Dickinson and Company) (NYSE:BDX) to
acquire the approximately 93.5% of the outstanding shares of
TriPath Imaging, Inc. (NASDAQ:TPTH) that BD does not currently own.
The proposal provides that each share of TriPath Imaging would be
exchanged for $9.25 in cash pursuant to the terms of a merger
agreement to be negotiated by the parties. The proposal arose after
a review by TriPath Imaging of potential strategic opportunities.
TriPath Imaging, through its TriPath Oncology business unit, has
worked closely with BD since July 2001 to develop and commercialize
molecular diagnostic products for melanoma and cancer of the
cervix, breast, ovary and prostate. TriPath Imaging's Board of
Directors will thoroughly evaluate the offer with the assistance of
its financial advisors, UBS Securities LLC. BD currently holds
approximately 6.5% of TriPath Imaging's outstanding stock, and
therefore was required to make a public filing under Section 13 of
the Securities and Exchange Act of 1934 upon making a proposal to
acquire TriPath Imaging. This announcement is made to confirm that
filing by BD. Since TriPath Imaging and BD have not entered into a
definitive agreement, further discussion of the proposal would be
premature at this time. About TriPath Imaging TriPath Imaging,
Inc., headquartered in Burlington, North Carolina, develops,
manufactures, markets and sells innovative solutions to improve the
clinical management of cancer, including detection, diagnosis,
staging and treatment. TriPath Oncology, a wholly owned subsidiary
of TriPath Imaging, develops molecular diagnostic products for
malignant melanoma and cancers of the cervix, breast, ovary and
prostate. Investors are cautioned that certain statements in this
press release that are not strictly historical statements, such as
statements regarding a potential transaction with BD, may
constitute forward-looking statements that involve risks and
uncertainties that could cause actual results and outcomes to
differ materially from what is expressed in those forward-looking
statements. Important factors that could cause actual results to
vary materially from any forward looking statements include,
without limitation, the fact that the foregoing press release
relates to a non-binding proposal made by BD and that TriPath
Imaging and BD have not entered into a binding agreement with
respect to the potential transaction, the requirement of TriPath
Imaging shareholder approval for any agreement that is entered
into, as well as those risks detailed in TriPath Imaging's filings
with the Securities and Exchange Commission, including those
described in TriPath Imaging's Annual Report on Form 10-K for the
year ended December 31, 2005. Contact Stephen P. Hall Chief
Financial Officer 336-290-8721 DATASOURCE: TriPath Imaging, Inc.
CONTACT: Stephen P. Hall, Chief Financial Officer of TriPath
Imaging, Inc., +1-336-290-8721 Web site:
http://www.tripathimaging.com/
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