ICN set to reacquire Ribapharm stake
The USA's ICN Pharmaceuticals says that it will offer $5.60 per share to acquire all the outstanding common stock that it does not currently own in its former wholly-owned subsidiary Ribapharm.
The move, which does not require the approval of the Ribapharm board in order for completion, comes after months of speculation that ICN would back down from its claim of last year that it would spin off Ribapharm entirely within six months of its public offering of a 20% stake in the unit (Marketletter April 22, 2002).
Earlier this year, the two firms became embroiled in a war of words over the future of Ribapharm after ICN issued a statement indicating it would take action to remove the board of directors at Ribapharm, after what it described as "a loss of confidence in the company's leadership."
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