Clinical Data Increases Offer by $2 Per Share in Cash.Business Editors/Health/Medical Writers NEWTON, Mass.--(BUSINESS WIRE)--Feb. 26, 2004 Clinical Data, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CLDA CLDA California Lyme Disease Association ), said today that Israel M. Stein Stein , William Howard 1911-1980. American biochemist. He shared a 1972 Nobel Prize for pioneering studies of ribonuclease. , M.D., Chief Executive officer of the company, has sent a supplemental letter to the Board of Directors of Moore Moore, city (1990 pop. 40,761), Cleveland co., central Okla., a suburb of Oklahoma City; inc. 1887. Its manufactures include lightning- and surge-protection equipment, packaging for foods, and auto parts. Medical Corp. (AMEX AMEX See: American Stock Exchange : MMD MMD Movement for Multiparty Democracy (Zambia) MMD Make My Day MMD Merchant Mariner Document MMD Myotonic Muscular Dystrophy MMD Myotonic Dystrophy MMD Mass Median Diameter MMD Metal Matrix Diaphragm ) increasing by $2.00 per share in cash Clinical Data's offer to acquire Moore Medical in a merger. The full text of Dr. Stein's most recent letter follows:
February 26, 2004
By Facsimile - (860) 225-4440
The Board of Directors
Moore Medical Corp.
c/o Linda M. Autore, President and CEO
389 John Downey Drive
New Britain, Connecticut 06050
Dear Ms. Autore:
I am offering this letter as a supplement to our letter dated
February 23, 2004.
As you are aware, we are prepared to make an offer of the stock of
Clinical Data based upon a fixed ratio of 0.698 shares of the Common
Stock, $.01 par value per share of Clinical Data, for each issued and
outstanding share of Moore Medical Common Stock, subject to the
completion of due diligence satisfactory to Clinical Data, the receipt
of all required approvals, and the execution of all transaction
agreements. Based upon Clinical Data's closing price as reported by
the Nasdaq Market on February 25, 2004, the value to be offered for
Moore Medical would be $12.42 per share, or approximately $37.4
million.
Because McKesson Corporation ("McKesson") has already offered
$12.00 per share in cash for the issued and outstanding shares of
Moore Medical, we believe the market has determined that there is
approximate parity of current values between Clinical Data's offer and
McKesson's offer. Accordingly, in order to provide clearly superior
value to the stockholders of Moore Medical, Clinical Data is prepared
to add $2.00 per share in cash to our offer of 0.698 shares of
Clinical Data Common Stock for the issued and outstanding shares of
Moore Medical, subject to the conditions set forth above.
Given the additional substantial value offered hereby, we believe
more strongly than ever that a combination between our companies would
provide substantially greater value to the stockholders of Moore
Medical than the value contemplated by McKesson's offer. We continue
to be prepared to enter into a confidentiality agreement with you at
the earliest possible time so that both of our legal, financial and
investment banking advisors can gain access to all appropriate
information about our companies that will be needed to permit us to
proceed as expeditiously as possible to a definitive agreement.
Very truly yours,
CLINICAL DATA, INC.
By:_________________________________
Israel M. Stein, M.D.
President and CEO
Clinical Data, Inc., through its domestic and foreign subsidiaries, focuses on the needs of physician offices and smaller clinical laboratories. The Company provides a complete range of products and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" to the growing physician office laboratory market and offers blood chemistry instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. and diagnostic assays Noun 1. diagnostic assay - an assay conducted for diagnostic purposes diagnostic test assay - a quantitative or qualitative test of a substance (especially an ore or a drug) to determine its components; frequently used to test for the presence or to clinics and small hospitals worldwide. Except for any historical information contained in this press release, the matters discussed herein include forward looking statements within the meaning of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. Actual results could differ materially from those expressed in such statements and readers are referred to the Company's SEC reports and filings, including the Company's Annual Report on Form 10-KSB filed with the SEC on June 30, 2003 and Amendment No. 1 thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. on Form 10-KSB/A filed with the SEC on July 29, 2003, and the Company's Quarterly Report on Form 10-QSB for the quarter ended December 31, 2003, filed with the SEC on February 17, 2004. |
|
||||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion