Trinity Biotech and Disease Detection International Inc. (DDI)announced that the boards of both companies have approved adefinitive merger agreement. If the merger is approved by itsstockholders, DDI will become a wholly-owned subsidiary of Trinity.DDI (NASDAQ:DOTS) stockholders would receive one A ordinaryshare of Trinity (NASDAQ:HIVSY) stock for one share of DDIcommon stock, 2.78 ordinary shares for each share of DDI series Bpreferred stock, and 2.33 ordinary shares for each share of DDI 10percent exchangeable preferred.The proposed merger will be put before DDI stockholders after theregistration statement (which is being prepared) is declared effective bythe Securities and Exchange Commission.Michael Hubbard told BioWorld that Trinity would pay about $8million to $10 million.As of November 1993, Dublin, Ireland-based Trinity held about 56percent of DDI, an Irvine, Calif.-based manufacturer of immunoassays.Benefits to Trinity, Hubbard said, include establishing a marketpresence in areas already staked out by DDI. Trinity would gain accessto the pregnancy- and ovulation-testing markets, and reap theintangible benefits of reducing confusion in the market about how thetwo companies overlap and differ."Given all the parameters, it seemed the logical step to merge the two,"Hubbard said.Trinity was founded in January 1992 to acquire, develop and marketrapid diagnostics tests for HIV, hepatitis and other sexually transmittedand infectious diseases. In 1992, Trinity purchased from DDI rapidblood-based technology for HIV and other infectious diseases, andimproved upon the technology by adding a saliva-based test, Hubbardsaid.
-- Jim Shrine
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