Group Offers $1.4 Billion for Fisher Scientific

An investor group led by Thomas H. Lee Co. agreed to buy Fisher Scientific International for $1.4 billion, thwarting an unsolicited offer of $1 billion by the Bass Group. The Hampton, N.H.-based maker of test tubes, rubber gloves, beakers and other scientific equipment agreed to the friendly offer of about $51 a share from Boston buyout firm Thomas H. Lee, known for investments in Snapple Beverage Co., Rayovac Corp., General Nutrition Centers and Experian Information Solutions Inc. (the former TRW Inc. credit-reporting company). The Bass Group, a Fort Worth-based investment organization for the Bass family, declined to say whether it would top the Lee offer. Because of the cash generated by Fisher, said John Raitt, a partner at Chicago’s Harris Associates, some of the nation’s most influential buyout firms became interested in the company. Harris Associates owned 1.54 million Fisher shares at the end of March, making it Fisher’s largest shareholder. Fisher stock closed down $1.38 at $49.50 on the NYSE.