CB Richard Ellis to replace Fisher on S&P
Whether or not Fisher Scientific International’s merger with Thermo Electron Corporation is completed as expected Thursday, the company will no longer have a spot on the S&P 500 stock index.
That’s because real estate conglomerate CB Richard Ellis is set to replace Fisher after the close of trading today.
Thermo, which will be acquiring the larger Fisher, will swell to about a $20 billion company. Fisher’s Hampton, N.H., headquarters are scheduled to remain open for at least three years, but the company will be run out of Thermo’s headquarters in Waltham, Mass. Executives involved in the merger will receive a total of $85 million in cash and accelerated stock awards.
The Federal Trade Commission’s anti-trust objections held up the merger, but Thermo agreed to sell off part of its business, setting the merger for Nov. 9.
Fisher stockholders have reacted favorably to the deal. The company’s stock price rose to $85 a share, a $10 increase, over the last three months. – BOB SANDERS