Shares of PhenomeX, a leading functional cell biology company, experienced a significant surge, more than doubling in value to an impressive 96 cents per share. This boost came after Bruker, a prominent scientific instruments manufacturer, extended a buyout offer to PhenomeX at a price of $1 per share. This all-cash transaction would result in PhenomeX attaining a total equity value of a noteworthy $108 million.
Despite the recent surge, it is worth noting that PhenomeX shares had hit a 52-week low of 38 cents just the previous day, exemplifying the magnitude of the company’s volatility. Moreover, when looking at the bigger picture, PhenomeX’s shares have been on a downward trend over the past year, experiencing a staggering decline of 78%.
Bruker has expressed its intent to proceed with a tender offer to acquire all outstanding shares of PhenomeX at the aforementioned price of $1 per share. The completion of this transaction is anticipated to take place in the fourth quarter.
Post-acquisition, PhenomeX will be merged into a wholly owned subsidiary of Bruker. For any remaining shares of PhenomeX that were not tendered during the offer, the holders will receive the same per-share consideration as those who participated in the tender offer.