( CYTC) plans to raise its bid for Australian medical-technology company Vision Systems to $517 million in cash from $374 million.
The news comes as Vision Systems deals with a lawsuit filed by onetime bidder
and holds talks with possible suitor
"We decided to increase our offer to underscore our commitment to completing this transaction as soon as possible," Cytyc said. "We firmly believe that the combination of Vision Systems and Cytyc will provide the maximum benefit to customers of both companies while generating attractive value for both Vision Systems and Cytyc shareholders. Our increased offer is at a significant premium to the offer by Ventana and to the current Vision Systems' share price reflecting increased interest from potential acquirors."
The company also said that its offer already secured pre-bid acceptances from shareholders for about 25 million shares and 3.6 million convertible notes which convert into an additional 4.6 million shares.
This story was created through a joint venture between TheStreet.com and IRIS.