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Article: JOHNSON & JOHNSON AND CORDIS CORPORATION AGREE IN PRINCIPLE TO $109 PER SHARE STOCK-FOR-STOCK MERGER
- Article from:
- PR Newswire
- Article date:
- November 6, 1995
CopyrightCOPYRIGHT 1995 PR Newswire Association LLC. 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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NEW BRUNSWICK, N.J., and MIAMI, Nov. 6 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) and Cordis Corporation (Nasdaq: CORD) today announced that they have agreed in principle to a $109 per share stock- for-stock merger. The agreement in principle is subject to the execution of a definitive merger agreement and to Cordis' board approval of the definitive agreement which is expected later this week. The merger will be subject to the approval of Cordis' shareholders.
Cordis has approximately 17.6 million shares outstanding on a fully diluted basis, giving the merger a total equity value, net of cash, of approximately $1.8 billion. The amount of Johnson & Johnson stock ...