Danaher Corporation (DHR) announced that it has made a cash takeover offer, through an indirect wholly owned subsidiary, to acquire all of the issued and to-be-issued shares of Genetix Group plc for 85 pence per share, implying an aggregate price of approximately GBP 50 million pounds ($82 million) net of cash acquired.

The offer enjoys the recommendation of the Board of Genetix, who have undertaken to accept the offer.

Together with the Board, the shareholders have provided hard irrevocable undertakings to accept the offer amounting to over 77% of the issued share capital in aggregate.

Danaher Corporation has raised its fourth quarter 2009 adjusted earnings per share guidance from the previous range of 99 cents to $1.09 to a new range of $1.05 to $1.10. As a result, full year 2009 adjusted earnings per share guidance increased from a previous range of $3.40 to $3.50 to a new range of $3.46 to $3.51.

The company also indicated that it expects 2010 GAAP earnings per share to be in the range of $3.80 to $4.10.  Additionally, the company expects core revenues to grow approximately 1% to 5% in 2010 compared to 2009.

The primary reason for this enhanced guidance was the execution of scheduled restructuring initiatives. The management is encouraged by the modest sequential end-market improvements across the company.

Danaher Corporation, together with its subsidiaries, designs, manufactures and markets professional, medical, industrial, commercial and consumer products, primarily in the United States, Europe and Asia. It operates in four segments: Professional Instrumentation, Medical Technologies, Industrial Technologies, and Tools and Components.

Formerly known as Diversified Mortgage Investors Inc., the company changed its name to Danaher Corporation in 1984. Danaher Corporation was founded in 1969 and is headquartered in Washington, District of Columbia. Its major competitors include Emerson Electric Company (EMR), Johnson Controls Inc. (JCI) and Rockwell Automation Inc. (ROK).

We currently have a Neutral recommendation on DHR.

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