MDS Reaches Settlement With PerkinElmer Over Unit Sale
January 25 2010 - 10:16AM
Dow Jones News
MDS Inc. (MDZ) reached a settlement deal under which PerkinElmer
Inc. (PKI) has agreed to drop its legal action over the proposed
sale of MDS's analytical technologies business to Danaher Corp.
(DHR).
Specific terms of the settlement weren't disclosed.
In early December, PerkinElmer filed a notice with the Ontario
Superior Court of Justice seeking alternatives to the planned sale
to Danaher. One such alternative was an injunction preventing the
deal. A court hearing was set for later Monday.
MDS is in the process of breaking itself apart to focus solely
on its Nordion unit. It has agreed to sell its analytical
technologies business to Danaher for US$650 million, a deal it
expects to close before the end of the first quarter.
MDS has a joint venture with PerkinElmer for the development,
manufacture and sale of plasma mass spectrometers. It stake in the
joint venture is part of the sale to Danaher.
-By Judy McKinnon, Dow Jones Newswires; 416-306-2100;
judy.mckinnon@dowjones.com
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