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Biotech / Medical : Sugen (SUGN)
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To: RCMac who wrote (502)6/24/1999 12:46:00 AM
From: David Bogdanoff  Read Replies (2) of 550
 
R;

"Under certain circumstances, if the merger agreement is terminated, Pharmacia & Upjohn has the right to purchase up to 19.9% of SUGEN's common stock and has the right to a fee of $17 million."

Hmm. Is this in the shareholder's best interests? Wonder what those special circumstances are.

Its noteworthy that the CEO at the recent annual shareholders meeting should have been so outspoken in his unhappiness at the prospect of a hostile buyout. I daresay that this friendly buyout was being negotiated at the time of the meeting. So how is the modest premium
paid by a friendly buyout better for the shareholder than a hostile buyout? The question is rhetorical, but comments are invited.

David

David
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