Nasdaq:CHIR
NASDAQ
100
Chiron
Corporation, headquartered in Emeryville, California, is a global pharmaceutical
company that leverages a diverse business model to develop and commercialize
high-value products that make a difference in people's lives. The company
has a strategic focus on cancer and infectious disease. Chiron applies
its advanced understanding of the biology of cancer and infectious disease
to develop products from its platforms in proteins, small molecules and
vaccines. The company commercializes its products through three business
units: biopharmaceuticals, vaccines and blood testing.
Chiron
Announces Amended Merger Agreement with Novartis; Novartis to Acquire All
Outstanding Chiron Shares for $48.00 Per Share in Cash
EMERYVILLE,
Calif.--(BUSINESS WIRE)--April 3, 2006--Chiron Corporation (Nasdaq:CHIR)
today announced that it has entered into an amendment to its previously
announced merger agreement with Novartis providing for Novartis to increase
to $48.00 per Chiron share the price it will pay for the approximately
56 percent of Chiron shares that Novartis does not already own. The amended
merger agreement has been unanimously approved by Chiron's non-Novartis
directors.
The
merger will now require a majority of outstanding shares as of the record
date to be voted in favor of the transaction. Both CAM North America and
ValueAct Capital have informed Chiron and Novartis that they and their
affiliated entities intend to vote in favor of the transaction, subject
to the fiduciary and legal obligations applicable to them.
Chiron
today also announced that it has reached an agreement in principle to settle
all claims in the previously reported stockholder actions challenging the
proposed transaction with Novartis. The proposed settlement is subject
to court approval following notice to the class and a hearing.
|
