FOR IMMEDIATE RELEASE
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Abbott International Murex
Media: Technologies Corporation
Rhonda Luniak Media and Financial:
(847) 938-9725 Catherine Bardwick
(800) 238-1644
Financial Community:
John Thomas
(847) 938-2655
ABBOTT LABORATORIES TO ACQUIRE
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INTERNATIONAL MUREX TECHNOLOGIES CORPORATION
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FOR $234 MILLION OR $13 PER SHARE
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ABBOTT PARK, Ill., and TORONTO, March 16, 1998 -- Abbott
Laboratories (NYSE: ABT) and International Murex Technologies
Corporation (NADAQ: MURXF) today announced that they have entered into
a definitive agreement for Abbott to acquire Murex in a cash tender
offer valued at approximately $234 million or $13 per share. The
Abbott and Murex boards of directors have unanimously approved the
offer. The tender offer is expected to be completed in approximately
five weeks, subject to regulatory approvals and customary closing
conditions.
Under the terms of the agreement, Abbott will promptly commence a
cash tender offer to acquire 100 percent of the outstanding shares of
Murex for $13 per share. Following the completion of the tender offer,
the remaining Murex shares will be acquired by an indirect
wholly-owned subsidiary of Abbott in a compulsory acquisition or
amalgamation for $13 per share.
"We are extremely pleased to add Murex's technologies and
products to our company," said Thomas D. Brown, senior vice president,
diagnostic operations, Abbott Laboratories. "Murex fits very well with
our diagnostic operations, complementing our existing product line as
well as providing new growth opportunities, particularly in the areas
of infectious disease screening and patient monitoring."
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ABBOTT LABORATORIES TO ACQUIRE
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INTERNATIONAL MUREX TECHNOLOGIES CORPORATION
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"Our combination with Abbott will allow the full potential of our
technologies and products to be realized, and Abbott's strength in the
market will enhance Murex's ability to deliver high quality products
to its customers," said F. Michael P. Warren, chairman of Murex.
"The diagnostic market continues to evolve and consolidate. Size
and economy of scale are necessary to remain competitive," said C.
Robert Cusick, vice chairman, president and chief executive officer of
Murex. "This transaction will provide our existing and new products
the formidable support of the world's leading diagnostics company. In
return we provide Abbott with unique technologies, an extensive
microtiter plate infectious disease product line and our patient
monitoring portfolio."
Murex realized 1997 revenues of $106 million. The company is an
independent, medical diagnostics company which develops, manufactures
and markets a wide range of products for the detection, screening and
monitoring of infectious diseases and other medical conditions.
Abbott Laboratories is a global, diversified health care company
devoted to the discovery, development, manufacture and marketing of
pharmaceutical, diagnostic, nutritional and hospital products. The
company employs 54,000 people and markets its products in more than
130 countries. In 1997, the company's sales and net earnings were
$11.9 billion and $2.1 billion, respectively, with earnings per share
of $2.72.
Abbott's news releases and other information are available on the
company's web sit at http://www.abbott.com.
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