A subsidiary of Abbott Laboratories has started a cash tender offer for Facet Biotech Corp., the drug and medical products company said Tuesday. Earlier this month, Abbott said it had agreed to buy Facet for about $450 million in cash, in order to increase expanding its access to biotechnology drugs, including a potential treatment for multiple sclerosis. Abbott is offering $27 per share, a 67 percent premium to Facet's $16.21 closing stock price on March 9, the day the deal was announced. The acquisition has been approved by both companies' boards and is expected to close in the second quarter. Abbott, based in North Chicago, Ill., has valued the deal at about $722 million, less Facet's projected cash and marketable securities at closing of approximately $272 million. Abbott's buyout follows last December's rejection by Facet shareholders of a bid worth $17.50 per share for the company by Biogen Idec ( BIIB - news - people ).
Abbott's tender offer is being made by Amber Acquisition Inc. and is set to expire on April 19 unless extended. There is no financing condition tied to the tender offer. Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints. Nothing in this article is, or should be construed as, investment advice. |
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http://in.groups.yahoo.com/group/investwise/
INVESTMENTS IN INDIA
We are low-risk, long-term investors.
Stocks, mutual funds and the entire investment gamut. Only financing/investment avenues in India will be discussed.
For any assistance, questions or improvement ideas, contact investwise-owner@yahoogroups.co.in
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NEW! ==== Check our LINKS and FILES sections for a world of information. REGULARLY UPDATED.
NEW! ==== Check "Tracklist" in Links and Files sections for Investment Ideas.
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