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Article: British Biotechnology Firm Tells Shareholders to Reject Buyout Offer.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- March 9, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. 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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By Sylvia Pfeifer, Sunday Business, London Knight Ridder/Tribune Business News
Mar. 9--Biotechnology firm Oxford GlycoSciences (OGS) will this week fire the latest salvo in the sector's first bidding war, when it formally rejects the UKpound 101 million cash offer by rival Celltech Group in a letter to shareholders.
The group will set out its reasons for still recommending a rival all-share bid by Cambridge Antibody Technology (CAT). OGS will argue that, despite CAT's offer currently being worth less than Celltech's cash bid, it offers more long-term value to shareholders.
OGS last week adjourned a shareholder vote on CAT's agreed bid -- ...