Chiron pursues complete takeover by Novartis

USA-headquartered vaccines company Chiron says that it has received a communication form ValueAct Capital, which owns around 9.8 million of its shares, voicing the latter's opposition to the proposed acquisition by Novartis of the remaining shares it does not already own (Marketletters passim).

In a press statement, Chiron said: "we continue to believe that ValueAct should want to meet with Chiron's independent directors and management team to fully understand the serious challenges facing the company and to gain a realistic perspective on our future prospects. Our independent directors and management team continue to strongly recommend the Novartis transaction and believe that it represents a full and fair price and is a superior alternative for Chiron's public stockholders to Chiron remaining a stand-alone company." The firm says that Novartis' offer of $45 per share represents a full and fair prices.