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Medimmune Sold: Icahn 1, Management 0
Posted on 04/23/2007 11:27:46 | Link | Post Comment
by Douglas McIntyre
24/7 Wall St.
Just think. Biotech firm MedImmune (MEDI) only put itself into play two weeks ago. Former raider turned activist Carl Icahn had threatened the company with a proxy war if its did not offer itself on the M&A market. The company is being bought by AstraZeneca (AZN) for $15.6 billion. In cash.
The deal is a 53% premium over where the shares traded before the company said it might be for sale.. But, the AZN pipeline for new drugs is weak, and the deal helps solve that. It is, however, hard to imagine that a public company was undervalued by a third and that only an auction could reveal that disparity in value to the market. MedImmune's shares have not traded above the $58 buyout price since late 2000.
Perhaps the management and board at Motorola (MOT) are watching. Icahn may not be well liked. But, he does make shareholders, including himself, money. MOT does not want him on their board of directors, but, a fellow who can help get a 53% premium for anything is worth having around.
Source: 247WallSt.com
RELATED READING:
- MedImmune Decides To Pursue a Sale
- MedImmune vs. Genentech: Supreme Court Reshapes Declaratory Judgment Jurisdiction in Patent Cases
_______________________
24/7 Wall St.
Just think. Biotech firm MedImmune (MEDI) only put itself into play two weeks ago. Former raider turned activist Carl Icahn had threatened the company with a proxy war if its did not offer itself on the M&A market. The company is being bought by AstraZeneca (AZN) for $15.6 billion. In cash.
The deal is a 53% premium over where the shares traded before the company said it might be for sale.. But, the AZN pipeline for new drugs is weak, and the deal helps solve that. It is, however, hard to imagine that a public company was undervalued by a third and that only an auction could reveal that disparity in value to the market. MedImmune's shares have not traded above the $58 buyout price since late 2000.
Perhaps the management and board at Motorola (MOT) are watching. Icahn may not be well liked. But, he does make shareholders, including himself, money. MOT does not want him on their board of directors, but, a fellow who can help get a 53% premium for anything is worth having around.
Source: 247WallSt.com
RELATED READING:
- MedImmune Decides To Pursue a Sale
- MedImmune vs. Genentech: Supreme Court Reshapes Declaratory Judgment Jurisdiction in Patent Cases
_______________________
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