Cravath Reps J&J In $2.3B Bid For Crucell

Law360, New York (December 8, 2010, 2:14 PM EST) -- Drugmaker Johnson & Johnson, which owns 17.9 percent of the outstanding shares of Crucell NV, made a formal bid Tuesday to buy the remainder of the Dutch biotechnology firm for €1.75 billion ($2.3 billion).

The parties said in a joint statement Tuesday that a newly-formed J&J subsidiary would pay €24.75 per share for Crucell's outstanding shares, a 58 percent premium over the €15.70 closing price Sept. 16, which was the last trading day before the companies first announced they were in negotiations.

Crucell will hold a...
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