The firm hopes to create a group to battle a buyout bid from Blackstone, Carlyle, TPG Capital and Singapore sovereign investor Temasek according to the Wall Street Journal, citing people familiar with the matter.
They said strategic buyers Danaher Corp and Thermo Fisher Scientific were also considering bids for the California-based company.
Life is currently valued at $12.5bn including debt.
The company is currently conducting a strategic review and has previously said it would consider all options including a sale.
Reuters said the initial offers from Blackstone, KKR, Bain and TPG valued the business close to its then market cap of nearly $11bn.
In order to secure the approval of Life’s board, the bids had to be increased significantly, the report said, adding that rival buyers could still emerge.
Expectations of a takeover have driven the company’s share price up 30 per cent since mid-January, when it revealed that it had hired investment banks Deutsche Bank Securities and Moelis & Company to assist in its annual strategic review.
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