Applied Microbiology Inc. said it agreed to acquire Aplin &Barrett Ltd., a wholly owned English subsidiary of Burns, Philp& Co. Ltd. of Sydney, Australia, for AMBI stock, valued Mondayat $43 million.

In exchange for Aplin & Barrett, AMBI (NASDAQ:AMBI) of NewYork said it would give Burns, Philp 9.3 million newly issuedAMBI shares. AMBI stock closed Monday at $4.63 a share.

Another 935,000 AMBI shares are reserved for issuance toBurns, Philp in August, upon the realization of certain salestargets by Aplin & Barrett of Dorset, England, Applied Microsaid. Upon closing the deal, Burns, Philp, agreed to invest $1.5million in five-year, non-convertible preferred stock to beissued by AMBI, with dividends to be paid at the prime rate,AMBI said.

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