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Biotech / Medical : Oxford GlycoSciences Plc
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To: nigel bates who wrote (359)2/26/2003 4:26:03 AM
From: nigel bates  Read Replies (1) of 469
 
CLL offer is laughable, IMO.
If any institutional investors are thinking of accepting it then they are truly craven. If they're that desperate for cash, they should get together & wind OGS up, distribute the cash, and auction the IP.

LONDON -(Dow Jones)- Oxford Glycosciences PLC said Wednesday it has noted Celltech Group PLC's cash offer to acquire the company announced this morning.
OGS said the offer of 182 pence per share in cash wholly undervalues its business and cash, and said it denies OGS shareholders any opportunity to participate in the future value of OGS' research and development pipeline.
David Ebsworth, chief executive of OGS, said: "This inadequate cash offer is a spoiling tactic by Celltech. It is clearly opportunistic and a bid to acquire OGS on the cheap. We have no hesitation in rejecting the offer - it significantly undervalues OGS and provides our shareholders with no upside and no opportunity to share future benefits."
The offer represents a 26% discount to the cash per OGS share of 245 pence as at Dec. 31; a 7% discount to the closing share price yesterday as well as the value of the offer announced by CAT on Jan. 23; a low acquisition premium of only 19% to the share price of OGS of 152.5 pence per share on Jan. 22, the day prior to the announcement of the CAT offer.
Any offer will be considered by the OGS board and assessed on its ability to create short-term as well as long-term value for OGS shareholders.
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