Medeva walks away from Elan cash bid
Saturday 18 September 1999
Medeva revealed on 8 September that it was in talks with an unnamed bidder and has since refrained from naming the company in question. Dr Bill Bogie, chief executive, said the board had had no hesitation in rejecting the subsequent cash offer. He declined to indicate the value of the bid.
However, sources confirmed the bid was 158p per share and that it came from Elan. They added that the Dublin company might take the bid hostile. Elan declined to comment.
"I'm sure we could have negotiated a few pennies here and there, but the offer was so far below the valuations put on the company by our advisers there was no point," Dr Bogie said.
Dr Bogie said Shire had approached the group in July in what was nothing more than a "dalliance", which had not resulted in formal talks. Previously, the group had declined to comment on rumours that talks between the two had collapsed. Dr Bogie said talks with Shire remained a possibility. He also rejected suggestions that Medeva directors were facing mounting shareholder criticism.
Medeva shares fell 22 per cent, to 132p, valuing the company at pounds 451m. The shares were at 122p on the day before talks were announced.
- 1 Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
- 2 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 3 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 4 Free U2 album: How the most generous giveaway in music history turned PR disaster
- 5 Scotland could still declare independence – even without referendum, says Alex Salmond
Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Tesco in crisis: UK managing director among four executives suspended after exposure of accounting scandal
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
Alicia Keys leaks own nude photo 'to create a kinder and more peaceful world'
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£65000 Per Annum Benefits + bonus: Clearwater People Solutions Ltd: If you are...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...