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Biotech / Medical : Oxford GlycoSciences Plc
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To: Jongmans who started this subject3/14/2003 8:06:04 AM
From: nigel bates  Read Replies (1) of 469
 
LONDON -(Dow Jones)- The Board of Celltech said Friday that it continues to believe that its all cash offer of 182 pence is generous.

Celltech was responding to the announcement made earlier Friday by Oxford GlycoSciences that it has withdrawn its recommendation of the Cambridge Antibody Technologies merger offer.

Based on the closing price of a CAT Share on March 12, the implied value of OGS under the all paper CAT merger offer, is GBP82.9 million or 148.7 pence per OGS share.

In comparison, the value of Celltech's all cash offer is GBP101.4 million or 182 pence per OGS Share representing an additional 33.3 pence over the implied value of an OGS Share under the CAT merger offer, Celltech said.

The first closing date of the Celltech offer is March 31.

Commenting, Peter Fellner, Chief Executive of Celltech said: "We are pleased that the OGS Board has withdrawn its recommendation of the CAT merger and encourage all OGS Shareholders to accept Celltech's all cash offer. In addition, those OGS shareholders who may wish to benefit from continued participation in the future of the U.K. biotech sector, or Celltech itself, will have the option of applying their cash proceeds as they see fit following the completion of our offer."
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