Novartis Won't Raise Chiron Bid
The Swiss drug company
Novartis is seeking to buy the 56% of Chiron's shares that it doesn't own. The company made a $40-a-share bid in September, but Chiron's board rejected the proposal. In late October, Novartis raised the price.
The Federal Trade Commission has approved the transaction. The companies need clearance from the European Union and a majority of Chiron shares, excluding those owned by Novartis.Get Jim Cramer's picks for 2006.
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