Cordis board rejects Johnson and Johnson offer
This article was originally published in Clinica
As expected, Cordis' board of directors has unanimously rejected Johnson & Johnson's offer to acquire all outstanding shares of common stock at $100 per share or an alternative stock-for-stock merger at $105 per share. The board decided on October 31st that the offer was inadequate. While endorsing the "current strategic plan by an independent Cordis", the board has authorised management and Cordis' advisors, Morgan Stanley, to "explore all strategic alternatives and to report back at an early date".
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