Speedel board backs Novartis offer
Basel, Switzerland-based Speedel Holding says that its board of directors has recommended the public tender offer previously-announced by Novartis on last month (Marketletter July 14).
The board says it welcomes Novartis' approach, which it considers to be in the best interest of its shareholders and all other stakeholders. It recommends its investors to accept the offer and to tender their shares.
The board analyzed Novartis' tender offer at a price of 130 Swiss francs per Speedel share in cash and benchmarked it in several ways. Together with its financial advisor Merrill Lynch International, it came to the conclusion that the price adequately reflects the current value of Speedel's shares.
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