The merger between Applied Biosystems Inc. and the Perkin-Elmer Corp. became effective Thursday, the companiesannounced. First announced last October, the union wasawaiting a final blessing from shareholders of both companies.
Shareholders of Applied Bio (NASDAQ:ABIO) of Foster City,Calif., will receive 0.678 shares of Perkin-Elmer stock(NYSE:PKN) for each ABIO share held as of the merger date, asper the terms of the initial agreement. The deal is valued atapproximately $400 million, said Jackie Cossman, director ofinvestor relations at Applied Bio.
As well, Andre F. Marion, Applied Bio's chairman and chiefexecutive officer, will become the head of the AppliedBiosystems Division of Perkin-Elmer, to be headquartered inFoster City. Annual revenues of this new division will be nearly$350 million.
On a pro-forma basis as a combined company, Perkin-Elmer ofNorwalk, Conn., and Applied Biosystems had fiscal year 1992revenues of approximately $1.1 billion.
-- Jennifer Van Brunt Senior Editor
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