Chiron Responds to Novartis Offer
Chiron Corporation issued the following statement from Chiron's independent board directors in response to the offer from Novartis AG on September 1, 2005, to acquire the approximately 58% of Chiron shares that Novartis does not already own for $40 per Chiron share in cash:
"Over the 10 years since Novartis has been Chiron's largest stockholder, Chiron has regularly discussed with Novartis a number of strategic initiatives, including mergers, significant acquisitions and other transactions, including transactions initiated by Novartis. As a result, Chiron has had an on-going dialogue with Novartis regarding its intentions with respect to its investment in Chiron. Chiron's independent directors have not, however, solicited an offer to buy Chiron.
"We are pleased by the fact that Novartis continues to recognize Chiron's promising prospects, as do Chiron's independent directors.
"After thorough analysis and consideration of Novartis' offer to acquire the shares of Chiron it does not already own for $40.00 per share in cash, the independent directors of Chiron have determined that this offer is inadequate."
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