Report: KKR, Other Firms to Bid $12B for Life Technologies

An investment group that includes Kohlberg Kravis Roberts & Co. (NYSE:KKR) is preparing a $12 billion bid for Life Technologies (NASDAQ:LIFE), according to a report by the New York Post.

Shares of Life Technologies, which makes laboratory equipment, climbed to a new 52-week high on Tuesday morning before settling at $66.82, a 2.3% increase.

The company has a market value of about $11.38 billion and recorded $3.8 billion in sales last year.

Citing a source, the Post said KKR joined an investor group that includes Blackstone Group (NYSE:BX), Carlyle Group (NASDAQ:CG), TPG Capital and Temasek to make the buyout bid. The report added that suitors must make “binding” offers for the biotechnology company by Tuesday.

KKR said it does not comment on speculation. Life Technologies did not immediately respond to a request for comment.