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September 17, 2012
06:33 EDTGNOMComplete Genomics and BGI-Shenzhen announce agreement to merge
Complete Genomics and BGI-Shenzhen announced that they have entered into a definitive merger agreement. Through this agreement, a wholly-owned U.S. subsidiary of BGI will launch a tender offer to purchase all outstanding shares of common stock of Complete for $3.15 per share in cash, without interest. Complete's board has unanimously recommended that stockholders accept the offer and tender their shares. Based on the number of fully diluted outstanding shares of Complete, the aggregate value of the transaction is approximately $117.6M. In addition, Complete and an affiliate of BGI have entered into an agreement pursuant to which Complete will be provided with up to $30M in bridge financing for its operations following the signing of the merger agreement. The transaction is expected to be completed in early 2013. The merger agreement also provides for the parties to effect, subject to customary conditions, a merger to be completed following the completion of the tender offer which would result in all shares not tendered in the tender offer being converted into the right to receive $3.15 per share in cash, without interest.
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