NEW YORK (TheStreet) -- Johnson & Johnson (JNJ) - Get Report has made its much anticipated formal public cash offer for all outstanding shares of Dutch vaccine maker Crucell (CRXL) that it doesn't already own.

J&J currently owns 17.9% of Crucell's outstanding shares.

The deal is worth 1.75 billion euros or $2.3 billion. The cash offer of 24.75 euros a share represents a 58% premium over the Crucell's 15.70 euros closing price on Sept. 16 -- the day before J&J and Crucell said they were negotiating this deal. The offer represents a 63% premium over the 30-day trading average of the shares at 15.20 euros as of Sept. 16.

The company had originally announced this offer amount in October.

The offer is being made through J&J's indirect wholly owned subsidiary, JJC Acquisition Company.

While Crucell's management and supervisory boards unanimously support the offer, a number of major investors had protested that it undervalued Crucell.

Crucell's second-biggest shareholder,

Van Herk Groep

, with its 10.02% stake, were one of the parties to protest the deal. It declined to comment on Wednesday, according to



The acceptance period for the offer begins at 3 a.m. eastern standard time on Dec. 9 and ends at 11:45 a.m. on Feb. 16, unless an extension takes place.

On Dec. 17, Crucell shareholders will be notified about the bid. As mandated by Dutch law, a shareholders meeting on the offer will be convened. It will take place on Feb. 8.

Last week, J&J said it would proceed with the deal, but may require a renegotiation of the talks pending problems at Crucell's manufacturing facility in Korea.

>> J&J Confirms Crucell Deal Despite Korea Woes

Shares of Crucell are flat at $31.56 in morning trading, while J&J is down 0.1% to $62.22.

-- Written by Andrea Tse in New York.

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>> J&J Confirms Crucell Deal Despite Korea Woes

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