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Novartis increases Chiron offer
03 Apr 2006
Swiss drug firm Novartis has raised the price it is offering
for the shares it does not own in US vaccine firm Chiron in order to speed
through a deal.
The group has increased its offer to $48 (£27) per share from the $45
bid it had tabled in October last year. The new $5.3bn bid has won approval
from Chiron's independent directors. Novartis currently owns 42.2% of
Chiron and hopes to make up ground on larger rivals such as GlaxoSmithKline
once it takes control of the group.
The enhanced bid has also won the approval of some of the group's biggest
shareholders who had originally opposed the takeover. CAM North America
and ValueAct California - groups that had previously criticised the tie-up
- have now given their blessing to the Novartis offer.
Source: http://news.bbc.co.uk/1/hi/business/4874170.stm |
