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Article: LA ROCHE SWEETENS THE POT SWISS GIANT UPS ANTE FOR A STERLING TAKEOVER.(Business)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- January 19, 1988
CopyrightCOPYRIGHT 1988 Albany Times Union. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Bill Menezes Associated Press
F. Hoffman-La Roche and Co. late Monday increased to about $4.4 billion its bid for Sterling Drug Inc., which earlier in the day rejected the Swiss pharmaceutical giant's initial $72-a-share takeover offer.
Hoffman-La Roche said it was willing to pay $76 a share in cash for Sterling, but the sweetened offer remained below Sterling's closing stock price on the New York Stock Exchange.
Amid anticipation of a bidding contest, Sterling's stock rose $3.25 1/2 a share to $77.37 1/2 in active trading Monday.
Fritz Gerber, Hoffman-La Roche's chairman, said in a statement the company continues "to have ...