EQT is in advanced talks to buy Qiagen for more than $50 a share
KKR has also bid, no sale is agreed, and the shares are still trading below $50.
Key takeaways
Swedish buyout firm EQT is in advanced talks to acquire Qiagen, the Dutch diagnostics and sample-testing company listed in New York and Frankfurt, after submitting a binding offer of more than $50 a share, Bloomberg reported Tuesday, citing people familiar with the matter. KKR has also bid. No sale has been agreed.
The $50 figure is not new. Bloomberg reported on July 9 that Qiagen was already drawing interest from EQT, that KKR had expressed interest too, and that some suitors had indicated they might offer at least $50 a share if they decided to bid.
What Bloomberg added on Tuesday is that EQT's offer is binding and the talks are advanced, a step past those July indications. It described the potential acquisition as a $10 billion deal.
Qiagen's New York shares, QGEN, were at $49.17 at 2:05 p.m. in New York, up 5.6% from Monday's close of $46.55, after trading as high as $50.82 and falling back below $50. Still under the bid, with no sale agreed and KKR still bidding, the shares are the price of a possible sale, not a finished one.
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Frequently asked questions
Has Qiagen agreed to a sale?
No sale has been agreed, and KKR is still bidding.
How much has EQT offered?
EQT submitted a binding offer of more than $50 a share.
Why are the shares still under $50?
The shares are the price of a possible sale, not a finished one.
What changed from the July report?
Tuesday's report said EQT's offer is binding and the talks are advanced.
