IDEX Corporation (NYSE:IEX) today announced that its wholly-owned subsidiary, Nano Merger Sub, Inc., has commenced its tender offer for all outstanding shares of Microfluidics International Corporation (OTC:MFLU) at a price of $1.35 net per share in cash. IDEX and Microfluidics previously announced that they had entered into a definitive merger agreement for IDEX to acquire Microfluidics.The Board of Directors of Microfluidics has unanimously determined that the offer and the merger are fair to and in the best interests of Microfluidics and its shareholders, approved and declared advisable the merger agreement and the transactions contemplated thereby, including the offer, and recommended that holders of shares of Microfluidics common stock accept the offer and tender their shares in the offer.
There is no financing condition to the tender offer. The tender offer is subject to certain conditions set forth in the Offer to Purchase referenced below, including successful tender of a majority of the outstanding shares of Microfluidics common stock.
Unless the tender offer is extended, the tender offer and any withdrawal rights to which Microfluidics’ shareholders may be entitled will expire at 12:00 midnight, New York City time, on Thursday, February 24, 2011. Following the acceptance for payment of shares in the tender offer and completion of the transactions contemplated by the merger agreement, Microfluidics will become a wholly owned subsidiary of IDEX.
IDEX Corporation is an applied solutions company specializing in fluid and metering technologies, health and science technologies, dispensing equipment, and fire, safety and other diversified products built to its customers' exacting specifications. Its products are sold in niche markets to a wide range of industries throughout the world. IDEX shares are traded on the New York Stock Exchange and Chicago Stock Exchange under the symbol "IEX".
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