Affymetrix Determines Offer From Origin Could Lead To Superior Proposal

(RTTNews) - Affymetrix Inc. (AFFX) announced that its board determined that the new unsolicited merger proposal submitted by Origin Technologies Corporation, LLC on March 22, 2016, could reasonably be expected to lead to a Superior Proposal, as defined in Affymetrix' merger agreement with Thermo Fisher Scientific Inc. (TMO).

The Special Meeting of Stockholders scheduled for March 24, 2016, to consider approval of the merger agreement with Thermo Fisher and related matters, will be convened and immediately adjourned without a vote on any proposal and will reconvene on March 31, 2016.

The Affymetrix Board continues to recommend that its stockholders vote in favor of the adoption of the merger agreement with Thermo Fisher. Affymetrix has not determined that the Origin proposal is in fact a Superior Proposal for purposes of the merger agreement with Thermo Fisher and is not making an Adverse Recommendation Change; specifically, the Board is not failing to make, withdrawing or modifying the Company Board Recommendation, is not recommending the proposal from Origin and is not proposing to do any of the foregoing, and the Board recommends against the proposal from Origin.

Earlier today, Origin Technologies Corp., LLC, a newly created entity owned by a group of former Affymetrix executives for the purpose of privatizing Affymetrix , increased its all-cash offer to buy Affymetrix to $17 per share.

Affymetrix said Sunday that it rejected a $16.10 per share acquisition bid from Origin Technologies Corp., and instead continueto recommend its previously planned merger with Thermo Fisher Scientific Inc.