Wednesday, 8 December 2010 at 12:59, Reuters, Amsterdam
US healthcare group Johnson & Johnson launched its €1.75 billion offer for Dutch biotechnology firm Crucell, dispelling investor doubts over Crucell's vaccine production setback. Crucell said in October that sterile operations at a South Korean plant may have been compromised recently and that its 2010 financial outlook, of revenue and other operational income to exceed 2009 levels, no longer held.
Crucell shares had fallen after the news about its production setback. But on Wednesday morning, the stock was up 1.4 per cent at €24.01 per share after the announcement of J&J's recommended cash offer of 24.75 euros per share. J&J, which already owns 17.9 per cent of Crucell, said the offer is subject to fulfillment of certain conditions including a minimum acceptance level of at least 95 per cent of the shares, which will be reduced to 80 percent if certain conditions are met. It would accept shares from December 9 until February 16, 2011, unless the offer period was extended.
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