Rhone-Poulenc Rorer Makes Bid For Fisons
Franco-American pharmaceutical company Rhone-Poulenc Rorer has made a 240 pence per share offer to buy UK drugmaker Fisons, valuing it at some L1.7 billion ($2.67 billion). This is a 24% premium on Fisons' closing price of 193 pence on August 17. Coming on the morning of Friday, August 18, in what is normally a very quiet holiday period, particularly in France, the offer came as a surprise to everyone.
Fisons (which is being advised by SBC Warburg) rejected the proposed bid, saying that it was unsolicited and "seriously undervalues its shares." Fisons is strongly advising shareholders to take no action at this time.
Stuart Wallis, Fisons' chief executive, says that "although we have recognized that a bid for Fisons could be made at any time - and particularly when we are in the period between completing the restructuring program and being able to demonstrate exactly how the business will grow in the future - the bid from R-PR is not welcome and the price offered will not command the board's support."
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