Lilly will not up $64M bid for SGX Pharma
With a shareholder's vote due on August 20, US drug major Eli Lilly says that it will not increase its previously-announced all-cash takeover offer for SGX Pharmaceuticals (Marketletter July 14).
The company reaffirmed that $3.00 a share - or a total of $64.0 million - for the San Diego-based biotechnology firm "represents its best and final offer," as well as "full and fair value." This is more than double the latter's share price before the offer was made.
In support of the transaction, Lilly refers SGX stockholders to the definitive proxy statement which includes the reasons why the board of directors of SGX voted unanimously to approve the merger agreement and to recommend that investors do likewise.
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