Trinity Biotech plc of Dublin, Ireland, has proposed to mergewith Disease Detection International Inc. (DDI), a manufacturerof immunoassays based in Irvine, Calif.
DDI said Monday that its board is considering the offer. Themerger terms were not available, but DDI said the proposal"contemplates an exchange of shares" in which DDIstockholders other than Trinity would receive AmericanDepository Receipts representing ordinary shares of Trinity.
DDI (NASDAQ:DOTS) said Trinity is believed to own at least400,000 shares of DDI's issued and outstanding shares of SeriesA preferred stock, together representing approximately 50percent of the equity and 67 percent of the outstanding votingpower in DDI.
Trinity is a licensee of DDI's Serocard HIV diagnostic andtechnology relating to in vitro detection of sexually transmittedand infectious diseases for Mexico, Guatemala and all otherareas of the world outside of North and South America.
Trinity was founded in January 1992 to acquire, develop andmarket rapid diagnostic tests for detecting HIV, hepatitis andother STDs. The company has developed a seven-minutewhole-blood hepatitis B test that is expected to go into clinicalssoon. It also has developed a saliva-based hepatitis B test thatit expects to have available for clinical testing in the nextcouple of months. Trinity markets a saliva-based HIV test inseveral countries outside the U.S. -- Brenda Sandburg
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