Blackstone, Carlyle and KKR make $11bn offer for Life Tech


laboratory 12_sqBuyout majors Blackstone, Carlyle and KKR have reportedly teamed up to make a $11bn bid for testing equipment maker Life Technologies.

The $65 per share bid is believed to be short of the $70 per share offered by scientific equipment group Thermo Fisher Scientific, sources familiar with the auction told the FT.

However, the consortium believes it can succeed as Thero’s takeover of Life Tech could have difficulty securing antitrust approval, the source added.

Life Tech is expected to decide on the auction’s winner in the first half of next week.

The report also said the debt required to finance the Life Tech LBO was likely to be cheap and have few conditions attached.

Yesterday it was reported that Thermo Fisher made a binding offer of more than $65 per share, and that Blackstone, Carlyle and Singapore’s state backed investor Temasek were in talks to make a joint bid for the company after missing the Tuesday deadline.

Life Tech was likely to accept a late offer to keep the process competitive, sources told Reuters.

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