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Biotech / Medical : IVAX, Generic Giant
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To: James Silverman who wrote (153)4/3/1997 10:03:00 PM
From: Mark A. Stang   of 212
 
News releases stated that BB pulled out of the merger.

Then BB filed a "first strike" lawsuit, charging Ivax with breaches not specified (in press release; DK what the court complaint states.)

Interesting that no one has reported anything factual about the breach alleged by BB. After the merger announcement, Ivax consistently traded at a discount from the merger price. (I tracked the discount by adding .42 shares of BBC to my portfolio tracker for each share of Ivax.) I suspect that BBC shareholders, who originally thought they were getting the upper hand in the deal (the merger price for Ivax was below market price of Ivax the day before the merger was announced) decided they were getting the short end of the stick and just wanted out.

I bailed out of Ivax at 12 3/4 about a week before the merger was called off, to pursue another opportunity. Don't think the price can be beaten down much below today's bottom, so might get back in.
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