Cordis board determines that J&J takeover offer is "inadequate".
This article was originally published in The Gray Sheet
J&J PROCEEDING WITH CONSENT SOLICITATION TO REPLACE CORDIS BOARD, the company said Nov. 1. Responding to a Cordis announcement that its board has voted to reject both the $1.6 bil. hostile cash tender offer and $1.7 bil. friendly stock-for-stock alternative Johnson & Johnson proposed on Oct. 19, J&J reiterated its plans to oust members of the Cordis board by obtaining written consents from Cordis shareholders.
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