Tyco International has agreed to pay $3.2 billion to acquire CR Bard,a medical devices group which posted revenues last year of $1.1 billion. Under the terms of the transaction, Bard stockholders will receive Tyco shares worth $60 for each they already hold and, if Tyco shares fall below $50, the ratio will be adjusted. Following news of this acquisition, which is the seventh by Tyco in the last year and has taken its total spending to $21 billion, the company's shares slipped $0.83 to $56.17 on May 31, but Bard rose $10.17 to $56.17. The deal is expected to be completed in first-quarter 2002, and a termination fee of $105 million has been agreed.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
7 day trial access
Become a subscriber
Or £77 per month
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Sign up to receive email updates
Join industry leaders for a daily roundup of biotech & pharma news
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze