Novartis seeks Chiron buy
This article was originally published in The Gray Sheet
Executive Summary
Novartis offers Chiron $4.5 bil. in cash for the remaining 57.8% of the company, both companies announce Aug. 31. Novartis purchased a 42.2% stake in the firm in 1995. Blood-testing products, including the firm's flagship Procleix nucleic acid testing system, accounted for $494.1 mil. of Chiron's $1.7 bil. revenue in 2004. The rest is from vaccines ($479 mil.) and biopharmaceuticals ($563 mil.). Novartis said it will seek a customary merger agreement with the independent directors of Chiron's board, but notes that the acquisition is subject to approval by a majority of the Chiron shares not owned by the Swiss firm...
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Chiron Rejects Novartis’ Offer
Chiron's board of directors has rejected Novartis' Aug. 31 offer to buy the remaining 58% of Chiron, the firm announced Sept. 5. Novartis' offer of $4.5 bil. ($40.00 per share) is "inadequate," according to Chiron's board. Chiron's stock jumped 18% from $36.44 on Aug. 31 to $42.93 on Sept. 1 and closed $42.79 on Sept. 5. Novartis bought 42% of Chiron in 1995. "Over the 10 years since Novartis has been Chiron's largest stockholder, Chiron has regularly discussed with Novartis a number of strategic initiatives," Chiron states in a release. "As a result, Chiron has had an on-going dialogue with Novartis regarding its intentions with respect to its investment in Chiron. The firm's independent directors have not, however, solicited an offer to buy Chiron." Chiron manufactures blood-testing products, including the Procleix nucleic acid testing system (1"The Gray Sheet" Sept. 5, 2005, In Brief)...
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