VIVO - Meridian Bioscience downgraded at William Blair on $1.53B acquisition

• In light of its acquisition by South Korea's SD Biosensor and SJL Partners for $1.53B , William Blair has downgraded Meridian Bioscience ( NASDAQ: VIVO ) to market perform.
• The consortium first made acquisition overtures on March 17 when the stock was trading at $25.67. The stock closed at $33.55 on Wednesday and the acquisition price values Meridian ( VIVO ) at $44 per share.
• Year to date, shares are up more than 60% .
• Analyst Brian Weinstein noted that Meridian ( VIVO ) has a clean balance sheet, generates cash flow, and has diagnostics growth drivers outside of COVID-19.
• The acquisition still needs to be approved by shareholders. In addition, there is an ongoing Department of Justice investigation into Meridian related to the accuracy of lead testing products made by Magellan Biosciences, which Meridian acquired in 2016.

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