Biosynex SA entered into a definitive merger agreement to acquire Chembio Diagnostics, Inc. for $17.2 million.
The closing of the tender offer will be subject to certain conditions, including the tender of shares representing at least a majority of the total number of Chembio's outstanding shares and other customary conditions. No vote of Chembio stockholders will be required in connection with the Merger. The terms of the merger agreement were unanimously approved by the Boards of Directors of Chembio and Biosynex, and and the Board of Directors has resolved to recommend to the stockholders of Chembio to accept the Offer and tender their Chembio shares. Biosynex SA commenced the Offer on February 14, 2023. The transaction is expected to close in the first quarter of 2023. The Offer shall initially be scheduled to expire on March 14, 2023. As of March 15, 2023, Biosynex announced an extension of the Offer on March 28, 2023. As of March 29, 2023, Biosynex announced an extension of the Offer on April 12, 2023. As of April 13, 2023, Biosynex announced an extension of the Offer on April 26, 2023. The transaction is expected to close on April 27, 2023.
Ernst & Young (EY) is acting as financial advisor and James Hu of White & Case LLP and Marc Petitier and Olivier Pâris of White & Case LLP (Paris) serving as legal counsels to Biosynex. Craig-Hallum Capital Group LLC is acting as financial advisor and Sean M. Jones of K&L Gates LLP is serving as legal counsel to Chembio. Craig-Hallum Capital Group LLC acted as fairness opinion provider to the board of Chembio. Securities Transfer Corporation acted as depository bank to Chembio.