BSTE: Biosite Jackpot Helps Our Legacy Watch List
Every portfolio is going to have some winners and losers, and the Watch List we created in June, 2006 is no different. The all-cap watch list proved more cumbersome and difficult to measure than we had expected, so we switched to three separate, smaller watch lists that will be updated more regularly, but we still keep track of what is going on in the original list.
On the loser side, the Watch List had more than its share of homebuilders and subprime lenders. However, the overall portfolio has fared well due to an offsetting number of takeovers at premium prices. Beckman Coulter’s (BEC - Annual Report) buyout of Biosite (BSTE) today is an example.
M&A Monday: Beckman Coulter Buys Biosite: Financial News – Yahoo! Finance
Beckman Coulter Inc., which makes biomedical laboratory instruments, said Sunday it will buy diagnostic product maker Biosite Inc. for $1.55 billion.
Beckman Coulter’s offer comes to $85 per share. The price is a 53.5 percent premium on Biosite’s Friday closing price of $55.38 on the New York Stock Exchange. The deal is expected to close in the second quarter of this year.
That’s how we want to see our stocks go out.
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