Life Sciences Research Receives Proposal from Andrew Baker to Acquire LSR
* Wednesday March 4, 2009, 8:45 am EST
EAST MILLSTONE, N.J.--(BUSINESS WIRE)--Life Sciences Research, Inc. (NYSE Arca: LSR) today announced that Andrew Baker, Chairman and CEO of LSR, has made a non-binding proposal to acquire all of the outstanding shares of LSR for a price of $7.50 per share pursuant to a letter dated March 3, 2009. LSR’s common stock closed at $4.79 per share on March 3, 2009.
The proposal letter indicates that the proposal is conditioned upon satisfactory completion of due diligence, negotiation of definitive transaction documents, receipt of the requisite financing commitments and receipt of necessary board approval. Mr. Baker indicates in the letter that he has commenced exploring potential financing sources and that while he is confident that he will be able to secure the requisite financing for the proposal, there can be no assurance of success.
The Board of Directors of LSR has established a special committee of independent directors to act on behalf of LSR with respect to consideration of the proposal and other strategic alternatives. The special committee has the authority to engage its own legal, financial and other advisors.
The process of considering the proposal is only in its beginning stages and consequently no decisions have been made by the special committee of the Board in respect of LSR’s response, if any, to the proposal. Shareholders are not being asked to take any action with respect to the proposal. There can be no assurance that the proposed transaction or any other transaction will be approved or completed. |
