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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly) -- Ignore unavailable to you. Want to Upgrade?

To: chirodoc who wrote (1083)	11/20/1998 3:33:00 AM
From: Anthony Wong	Read Replies (2) \| Respond to of 1722

The 11/30 Forbes Magazine "Streetwalker" article on AHP's second look at MTC: The next shoe . . . It may not be over between American Home Products and Monsanto. In October the pair made headlines by canceling their proposed $35 billion merger—a deal that would have had American Home buying Monsanto for stock and winding up with 65% control of the company. The seeming problem was bad chemistry between the prospective cochairmen, American Home's chief executive, John Stafford, and Monsanto's Robert Shapiro. But Streetwalker now hears that Stafford, having gotten a closer look at Monsanto and the promising new drugs in the pipeline of its G.D. Searle subsidiary, likes what he sees even more. He's said to be planning to launch an unfriendly bid for Monsanto that would, among other things, give Shapiro the gate. Monsanto was recently at $39.19, 22% below where it closed the day before the merger was canceled and 38% below its late August high. American Home will probably need to pay over $50 in a hostile bid. Streetwalker also hears that Monsanto has reopened talks with DuPont, with which it discussed a partnership between the two companies' life sciences operations a year ago. DuPont could wind up as a convenient white knight. Buy Monsanto, target price: $55. –THOMAS JAFFE forbes.com Bloomberg's story of 11/15 on the article: Message 6427838