January 12, 2010 (FinancialWire) — Inverness Medical Innovations, Inc. (NYSE: IMA) has launched a cash tender offer to acquire a majority equity interest in Korea-based Standard Diagnostics.

Inverness has offered to acquire up to 75.79% of the issued shares of SD, and Young Shik Cho, Representative director, president and CEO of SD and its largest shareholder, announced he will tender 720,000 of his own shares in support of Inverness’ investment.

Inverness said its obligation to purchase shares is, amongst other things, conditioned on the tender of at least 2,408,000 shares, which is approximately 30.1% of the total shares issued as of January 8, 2010. If the minimum tender is achieved, Cho and IMI will collectively own more than 50% of SD.

The tender offer price is KRW 40,000, which represents a premium of over 33% of the 90-day trailing average of SD’s share price.

Standard Diagnostics’ main products lines relate to diagnostics reagents or devices for hepatitis, infectious diseases, tumor markers, fertility, drugs of abuse, urine strips and protein strips.

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