What: After reporting that it's sticking with a previous deal to be acquired by Thermo Fisher Scientific, (NYSE:TMO) and rejecting a higher, competing offer, shares in Affymetrix(NASDAQ:AFFX.DL) are down 9.6% as of 1:00 p.m. EST Monday.

So what: In January, Affymetrix, a leader in gene analysis, agreed to sell itself to Thermo Fisher Scientific, a multinational medical instruments company, for $1.3 billion in cash, or $14 per share.

However, in hopes of thwarting that effort, former Affymetrix executives banded together to start Origin Technologies, and on March 7, they offered $1.5 billion, or $16.10 in cash, to Affymetrix shareholders instead.

Today, Affymetrix board decided to stick with Thermo Fisher Scientific and spurn Origin, citing Origin's lack of operating history and its reliance on debt to fund its acquisition offer as reasons.

Now what: Affymetrix directors believe that Origin's coffers aren't stuffed with enough cash to follow through with the deal and that perception is a stark contrast to what their opinion must be of Thermo Fisher Scientific, which is one of the biggest players in diagnostic tools and other instruments used by researchers worldwide.

Because both of these offers are for cash, it's not surprising that Affymetrix's shares are slumping. Conceivably, Origin could try again with a higher bid that includes better insight into its financing, but it appears Affymetrix's management is committed to Thermo Fisher Scientfic and for that reason, there's little reason for investors' to try and pick up Affymetrix shares on this drop.

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