P.M. BRIEFING : Canada OKs 2 Takeover Plans
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TORONTO — Canadian regulatory officials today approved two separate takeover proposals for Connaught Biosciences Inc., but the move appeared to have effectively thwarted a Swiss-American bid for the vaccine producer.
Harvie Andre, minister responsible for Investment Canada, the federal takeover review agency, said both bids were approved because either one would “bring important advantages not only to Connaught but also to Canada’s biotechnology industry as a whole.”
Institut Merieux SA of Lyon, France, had bid $783 million, or $30.71 a share, for Connaught while a Swiss-American group comprising Ciba-Geigy Ltd. and Chiron Corp., offered $634 million, or $24.90 a share.
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