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Article: $8.5bn Cyanamid bid threatens SmithKline deal
- Article from:
- The Independent (London, England)
- Article date:
- August 3, 1994
- Author:
CopyrightCopyright 1994 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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US pharmaceuticals and medical supplies company American Home
Products stunned Wall Street last night with an $8.5bn ( pounds
5.5bn) takeover bid for American Cyanamid, the drug, pesticide and
medical products group.
The cash offer is priced at $95 per share, a 50 per cent premium
over Cyanamid's share price of $63.75 late Tuesday, before trading
in its shares was suspended pending the announcement.
The move came amid market speculation that SmithKline Beecham
was on the verge of agreeing an asset swap with Cyanamid, under
which SmithKline would receive prescription drug and consumer brand
busiesses in return for transferring its vaccine and animal health
businesses to Cyanamid.
SmithKline ...