Sandoz Offer For SyStemix Pending

The unsolicited offer made by Sandoz of Switzerland to acquire all the shares of SyStemix that it does not already own for $17 per share (Marketletter June 3) is being considered by three independent members of the board of directors of SyStemix, according to the US company.

SyStemix also said that it has been informed of five stockholder suits with respect to the Sandoz proposal. The suits, each asking for class action status, were filed at the beginning of June in the Delaware Chancery Court. Sandoz, SyStemix, and the individual members of the SyStemix board are named as defendants.

The suits generally seek to join consummation of the Sandoz proposal on the grounds that the consideration to be paid to the public stockholders under the proposal is unfair and inadequate.