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Biotech / Medical : Munch-a-Biotech Today

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To: nigel bates who wrote (1419)	1/9/2003 10:42:30 AM
From: keokalani'nui	Read Replies (1) of 3158

Merck Tenders For Full Ownership Of Banyu Pharmaceutical Thursday January 9, 4:45 am ET WHITEHOUSE STATION, N.J. -(Dow Jones)- Merck & Co. plans to launch a tender offer to buy the 129.2 million Banyu Pharmaceutical Co. (J.BNY) shares it doesn't already own for Y1,400 a share. Merck, which currently holds 51% of Banyu stock, plans to make Banyu its largest wholly owned subsidiary outside the U.S. In a press release Thursday, Merck said Banyu's board passed a resolution supporting the tender offer. The offer, which is set to begin Jan. 14 and end March 6, is conditioned on Merck's receipt of at least 76.5 million shares, or at least an 80% stake in Banyu. The offer price represents a 31.9% premium to the stock's average closing price over the past month. Merck also said Kenjiro Nagasaka plans to step down as Banyu's president and chief executive officer in June. A search for his successor will begin immediately and consider candidates from inside and outside the Japanese firm

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