Affymetrix's Stock Soars After Origin Tech's Bid Seen As Superior To Thermo Fisher's

By Tomi KilgoreMarketWatch Pulse

Affymetrix Inc.'s stock soared 6.2% in active morning trade Wednesday, after the biotechnology company said an unsolicited buyout bid it received from Origin Technologies Corp. will likely be seen as a "superior proposal" to the Thermo Fisher Scientific Inc.'s bid. Volume of 1.8 million shares just minutes after the open was already more than the full-day average. The company said the meeting of shareholders, scheduled for March 24, to vote on the merger with Thermo Fisher will be immediately adjourned without a vote, and will reconvene on March 31. Affymetrix said it continues to recommend the merger with Thermo Fisher, but said it would be inconsistent with its fiduciary duties not to consider Origin Technologies' bid. Affymetrix's stock has run up 52% year to date, while the S&P 500 is little changed.

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