Offer Period Expires on Cephalon's Bid for SIRTeX
Tuesday May 27, 7:30 pm ET
WEST CHESTER, Pa., May 27 /PRNewswire-FirstCall/ -- The acceptance period of a bid by Cephalon, Inc. (Nasdaq: CEPH - News) to acquire Australia's SIRTeX Medical Limited (ASX: SRX - News) for A$4.85 per share expired.
Cephalon's bid was contingent upon at least 90 percent of SIRTeX shares being tendered prior to the offer period closing earlier today; at the time of expiry, approximately 88 percent of SIRTeX shares had been tendered.
[From Bloombergs]
Sirtex Medical Ltd. (SRX AU), which researches and develops treatments for liver cancer, fell 33 cents, or 7.1 percent, to A$4.35, its largest slump since May 8, 2002. Cephalon Inc. (CEPH US), which makes the sleep disorder medication Provigil, failed to get enough acceptances from Sirtex shareholders for its $161 million takeover bid.
[I hope Cephalon looks somewhere else now and moves on.
Erik] |
